Henry VIII: Wolsey's financial reforms

Question 1

What were Wolsey’s aims

Answer 1

1. Manage finances so they were capable of achieving Henry’s policies
2. Maximise revenues from the current system

Question 2

Factors involved in Wolsey’s financial reforms

Answer 2

1. Act of Resumption (1515)
2. The Subsidy (1523)
3. Reducing royal expenditure (1519, 1526)

Question 3

When was the Act of Resumption passed

Answer 3

1515

Question 4

What was the aim of the Act of Resumption

Answer 4

To return those lands offered to nobility at the beginning of Henry’s reign. This was done at the expense of the nobles

Question 5

When was The Subsidy passed

Answer 5

1523

Question 6

What did the 1523 Subsidy involve

Answer 6

• Replacement of 15ths and 10ths

- Preferred means of taxation because it was done at the expense of the nobility

Question 7

How much did the 1523 subsidy raise

Answer 7

£200,000

Question 8

How much did the 1523 subsidy AIM to raise

Answer 8

£800,000

Question 9

How much finance was raised between 1514-1529 from subsidies compared to 15ths/10ths

Answer 9

£325,000 compared to £120,000

Question 10

How did Wolsey reduce Royal Expenditure

Answer 10

1519 - Expulsion of the Minions

1526 - Eltham Ordinances

Question 11

What year was the Expulsion of the Minions

Answer 11

1519

Question 12

What did the Expulsion of the Minions involve

Answer 12

Dismissing the gentlemen of the Privy Chamber

Question 13

What year was Eltham ordinances passed

Answer 13

1526

Question 14

What did the Eltham Ordinances involve

Answer 14

Reducing the number of the Privy Chamber from 12 to 6

Question 15

What year was the Amicable Grant

Answer 15

1525

Question 16

What was the context behind the Amicable grant

Answer 16

After French defeat at the Battle of Pavia, England wanted to invade france

Question 17

Why was the Amicable Grant passed

Answer 17

The coffers were empty and Henry wished to invade France

Question 18

What was the Amicable Grant

Answer 18

A NON-PARLIAMENTARY tax that was ILLEGAL

Question 19

Why was the Amicable Grant a failure

Answer 19

It received massive opposition from the nobility, people refused to pay.

Question 20

When was the Amicable grant dissolved

Answer 20

1525, Wolsey’s reputation was damaged severely