HENRY VIII: WOLSEY & FINANCIAL SYSTEM Flashcards
What was Wolsey’s biggest financial success?
The Tudor Subsidy, 1523.
What did the Tudor Subsidy do?
Calculated tax on property and income in a more accurate and realistic assessment of the wealth of individual tax payers.
How did Wolsey justify the legislation of the Subsidy Act of 1512?
Highlighted the necessity of devising a more efficient tax and one that could replace the common tax of fifteenths and tenths.
What did the Subsidy replace?
The old system of fifteenths and tenths.
What was introduced in 1526?
The Eltham Ordinances.
What was the Eltham Ordinances?
A set of instructions drawn up to reform the king’s court and Privy Chamber, including its financial system.
What did the Eltham Ordinances attempt to do?
Reduce the cost of running the royal household. By making the household’s financial administration more efficient and flexible.
What have historians accused Wolsey of, regarding the Eltham Ordinances?
Of wasting an opportunity to overhaul the Tudor financial system.
What was the name of the national survey that Wolsey conducted in 1522?
‘General Proscription’.
What did the general proscription aim to do?
Assess the population’s taxable wealth.
What was Wolsey able to do with the data collected from the general proscription?
Able to levy some £200,000 by two forced loans in 1522-3.
But still more was needed.
Where is there evidence of Wolsey’s reluctance to call Parliament?
During his fifteen years in office, the King only summoned Parliament twice, in 1515 and 1523.
Why did Wolsey allow Parliament to be summoned in 1523?
Because it was obvious to him that there was no other way of raising a large sum of money.
Also his subsequent experience with the Amicable Grant.
How much did the Amicable Grant raise?
Around £300,000
How did Wolsey sought to make up the difference left by the Amicable Grant?
By taxing the Church, which brought in nearly £250,000
