Henry VII: Government - Royal Finances

Question 1

Exchequer

Answer 1

• Initially, Henry VII relied on the Exchequer to organise his finances because he lacked financial security
• The Exchequer ran royal finances by employing its own officials
• The Exchequer kept accurate accounts but was slow and inefficient

Question 2

Context for Chamber System

Answer 2

• Previous Yorkist kings used Chamber system - financial management was part of the royal household and under direct supervision of the King
• It had, however, collapsed with the Yorkist dynasty and Henry lacked the financial experience to be able
  to reconstruct it immediately

Question 3

Henry’s Return to the Chamber System

Answer 3

• Gradually, Henry VII returned to the Chamber system
• From 1493, the Exchequer lost its role in accounting for revenue from the crown lands
• This role was given to Court of the General Surveyors
• Everyone working in this court took a bond to guarantee their work for the King
• Careful supervision and thorough investigation increased the revenue from crown lands

Question 4

Financial Administration Reforms

Answer 4

• Henry VII established a new post of Surveyor of the King’s Wards to investigate cases of money owed to him from wardships
• Established a Court of Audit to monitor government spending

Question 5

Henry VII’s Financial Policies

Answer 5

• Henry VII avoided aggressive foreign policy to avoid foreign wars
• He understood foreign wars made previous monarchs poor
• Henry VII exploited his legal rights to claim special payments from his nobles, both to swell his treasury and to remind them of his control over them
• Also also prepared to overlook or to reverse his claims when it was necessary to win support
• Described as a miser
• But Henry always spent money extravagantly when it was necessary to enhance the image of his kingship

Question 6

How many times bigger was Henry VII’s income than the wealthiest noble?

Answer 6

• Henry VII’s income was nearly 20 times greater than that of his wealthiest noble

Question 7

How much did Henry VII and the King of France earn each year?

Answer 7

• Henry VII - £113,000
• King of France - £800,000