How successfully did Henry VI restore royal finances? Flashcards
the importance of strong finances
They would allow him to raise forces to put down unrest and on his death, provide his son with the resources to fight any challenger
How attempted to achieve strong royal finances
Reorganise financial administration
Exploit sources of ordinary revenue
Increase income from extraordinary revenue
difficulties associated with such policies;
(Reorganise financial administration
Exploit sources of ordinary revenue
Increase income from extraordinary revenue)
most notably,
attempts to increase income would face opposition from those who were
forced to pay, particularly as the king was expected to ‘live off his own’
This difficulty had already been exposed in the Yorkshire and Cornish tax
Rebellions
Evidence that changes had to
be made
in the first year of his reign he received only €11,700 from his
lands, whereas Richard lIl had received £29,000. Such was the poor financial
situation that he had to take out loans to pay for his coronation and
marriage and in 1487 there was not enough money to pay for celebrations at
Windsor for the feast of St George
Middle ages Exchequer
monarchs had used the Exchequer to administer
crown finance; its role had been to receive and pay out money and audit
accounts. However, it was slow in both collecting money and auditing
accounts. Edward IV had replaced it with the Chamber system, which was
more flexible and informal and had allowed him to exert greater control
over finance
Henry and the exchequer
he had reverted back to the
Exchequer, but by 1487 he had realised its limitations and began to restore
the use of the Chamber system, so that by the 1490s it had returned to its
central role
Chamber system managed what
crown lands
feudal dues
# profits from justice
The French pension.
This meant that it handled all income except customs duties, which
remained under the Exchequer
Reversion to chamber system impact on Privy Chamber
increased importance for the Treasurer
of the Chamber and officials such as the Gentlemen of the Bedchamber.
As a result of these developments Henry had a much closer control of his
finances.
Ordinary revenue
came in yearly from crown lands, customs and profits
from justice and feudal dues, although the amounts varied
extraordinary revenue
was not regular and was usually raised only in times of
need from taxation, or in times of emergency from borrowing
Crown lands (ordinary revenue)
most important source of ordinary revenue was crown lands. Henry
not only maximised his income from existing lands, but also increased the
amount of land the crown
held so that estimates have suggested it was five
times larger at the end of his reign than under Henry VI. This was achieved
through the 1486 Act of Resumption and seizure of land from those declared
traitors (attainted). As a result, income from crown lands rose from £29,000
on the death of Richard to £42,000 by 1509
How did Henry avoid antagonising the nobility with his crownlands policy (ordinary revenue)
did not take back all the land to which
he was entitled
Greatest success with crownlands (ordinary revenue)
Duchy
of Lancaster as Henry was able to use skilful management to increase the
income from its lands ten-fold.
Unsuccessful finance policies (ordinary revenue)
Under Edward IV
custom duties had brought in about £70,000 per annum and, although by the
end of his reign they were still providing a third of the ordinary revenue, the
average income had dropped to £40,000. Henry did try to imitate Edward’s
methods, but smuggling was a problem and the income from trade depended
heavily upon the relationship between European powers, which Henry was
unable to control
The profits from justice (ordinary revenue)
varied from year to year, but Henry certainly
did his best to exploit the system, causing some to claim after his death
that he charged some subjects with crimes merely to be able to fine them.
However, even if this was not true, the king often punished by fines rather
than imprisonment
