Henry VII's finances

Question 1

What was H7s income by the end of his reign

Answer 1

£100,000/yr

Question 2

What was H7 said to be upon his death

Answer 2

‘The richest Lord that is now know in the world’

Question 3

What was the income of crown land at the start of H7s reign and why

Answer 3

Estates had fallen into decay - £29,000/yr

Question 4

What did H7 manage to increase crown land incomes to by late 1490s

Answer 4

£42,000/yr

Question 5

How did H7 increase crown land incomes

Answer 5

Acts of Resumption - 1st Parliament - all properties granted since 1455, but many left with nobles to appease them

Question 6

What did H7 do with Feudal Dues

Answer 6

He was determined to fully exploit them
They were small but rose significantly - found new fines and payments over succession of estates (‘entry fine’)

Question 7

What did H7 create/appoint to increase his Feudal dues

Answer 7

a special officer - Master of the King’s Wards in 1503

Question 8

What did Feudal dues annual income rise from and to

Answer 8

£350/yr to £6000/yr

Question 9

How did H7 earn profits from justice

Answer 9

fines for serious crimes like murder, kidnap, arson
fines for attainders - such as on Sir William Stanley 1495 to earn fines of £9000 one off, and £1000 annually

Question 10

How many attainders did H7 impose

Answer 10

99 after Bosworth and 140 after that
He reversed 45 of these

Question 11

What was the criticism of H7s ordinary revenue

Answer 11

Justice profiting was wrong - prioritised income over justice
Act of Resumption seen as harsh

Question 12

Summarise H7’s extraordinary revenue

Answer 12

Used parliamentary grants sparingly, used many loans+ benevolences and bonds + recognisances

Question 13

When did H7 use Parliamentary grants

Answer 13

Only 3 occasions
1487 for Stoke, 1489 for France, 1496 to defeat the Scots

Question 14

What did 2 of the Parliamentary grants under H7 cause

Answer 14

1489 tax caused rebellion in Yorkshire 1489
1496 tax caused Cornish rebellion 1496
Upset as H7 never went to war with the money

Question 15

How did H7 use loans and benevolences

Answer 15

Used them to raise large sums before expenditure
He used them less but rejection of a loan was treason - forced
Expectation was to ‘lend’ 10% of income

Question 16

When did H7 use loans/benevolences to raise large sums and how much

Answer 16

1491 - raised £50,000 to protect Brittany
1496 due to Warbeck threatening

Question 17

How much did H7 earn from clerical taxes

Answer 17

£25,000 for war w/ France in 1489

Question 18

How did H7 exploit clerical income

Answer 18

Kept bishoprics empty to keep revenue - earnt £6000/yr

Question 19

When and how much did H7 earn from French pension

Answer 19

Treaty of Étaples 1492 - £5000/yr from a total of £160,000 (half per year of E4)

Question 20

What were bonds and recognisances

Answer 20

bonds - Financial promises of good behaviour
recognisances - a type of forced loans that recognised debts against the crown - had to be paid at the person’s peril

Question 21

Example of significant bond with a noble

Answer 21

1491 - 55 friends held liable for Maquis of Dorset’s behaviour

Question 22

How many bonds did H7 collect and how much did it earn

Answer 22

200 bonds and £35,000 by 1505

Question 23

How many noble families were financially at H7’s mercy w/ attainders of recognisances

Answer 23

46/62

Question 24

What evidence is there for H7’s large expenditure

Answer 24

Kept a lavish court
Spent £300,000 on jewels and plate
Likely spent over £300,000 on diplomacy with Burgundy 1505-9
Large spends to defeat pretenders