Henry VII- Financial policy💜

Question 1

Acronym to remember extraordinary sources of revenue?

Answer 1

Tilly
Brown
Likes
church
on
Friday

Question 2

Acronym to remember sources of ordinary revenue?

Answer 2

Lemon
Treats
taste
creamy
because
fruit
feels
windy
(in 1486)

Question 3

How much money did henry bring in by leaving bishop positions empty?

Answer 3

6,000 per anumn

Question 4

How much money did church give Henry for his France expedition?

Answer 4

25,000

Question 5

How much money did Henry get from loans from wealthy subjects?

Answer 5

£203,000

Question 6

How much money did Henry VII bring in in his first year compared to Richard? (and what at the end)

Answer 6

11,700

29,000

113,000

Question 7

What should also be used for an economic question?

Answer 7

-Cornish and Yorkist tax revolts.

Question 8

How much money did Henry make from forced loans in 1491?

Answer 8

£48,000

Question 9

Examples of fines instead of imprisonment?

Answer 9

E.g. the Earl of Northumberland raped a child and had to pay between five and then thousand pounds instead of being jailed.

Question 10

What challenges did Henry face in the financial department?

Answer 10

-Opposition from those who have to pay especially because the king was expected to live off his own.

-Yorkshire and Cornish rebellions.

-Only brought in £11,700 in his first year compared to Richards £29,000. But by the end of his reign, he was bringing in around £113,000.

Question 11

What were Henry’s sources of extraordinary revenue?

Answer 11

-Tax and borrowing in times of emergency.

-Asking his wealthy subjects for loans. Managed to get £203,000 during his reign. Had to pay back.

-Church, £25,000 towards France expedition and sold church offices. He also left Bishop jobs vacant bringing in an extra £6,000 per anum.

-Ordered money from these who didn’t want to provide military service, this was called feudal aid, he raised 30k from this.

-Forced loans.

Question 12

What were Henry’s sources of ordinary revenue? (9)

Answer 12

-Land
-Tax
-Treaties
-Customs duties
-Bonds and recognizes
-Feudal dues
-Fines instead of imprisonment.
-Wardships
-1486 acts of resumption.

Question 13

What were the importance of having healthy finances (3)?

Answer 13

-In order to look lavish and powerful.

-Affording war.

-put down unrest and allow his son to defeat challenges.

Question 14

What financial system did Henry VII use?

Answer 14

The chamber system.

Question 15

How much money did Henry make from feudal aid?

Answer 15

30K