Increase of Finances

Question 1

What were Henry VII’s three financial aims?

Answer 1

Achieve solvency by making royal income (Get out of debt)
Decreasing expenditure (Limit spending)
Restoring the Crown’s financial strength

Question 2

As a showcase of just how bad Henry VII’s financial position was - which major events at the start of his reign did he need loans for?

Answer 2

His coronation (Oct, 1485)
His wedding (Jan, 1486)
His Royal Progress (April, 1486)

Question 3

Which two ways did Henry VII manage to achieve revenue?

Answer 3

Ordinary Revenue
Extraordinary Revenue

Question 4

What was Ordinary Revenue?

Answer 4

Money that was collected regularly without the need to ask Parliament first

Question 5

What was Extraordinary Revenue?

Answer 5

Money that was collected for emergency purposes such as war and needed Parliamentary approval first

Question 6

What were the types of Ordinary Revenue Henry VII used? (5 examples)

Answer 6

Crown Lands
Feudal Obligations/Dues
Bonds + Recognisances
Customs Duties
Profits of Justice

Question 7

Which special occasion did Henry VII use his Feudal Obligations on? How much was it?

Answer 7

He imposed the obligations on nobles during the Marriage of Margaret Tudor with James IV (1503)
£30,000 raised

Question 8

What were Custom Duties?

Answer 8

Taxes used to pay for either English defences and exports (wool, leather, cloth, wine etc)

Question 9

What were Profits of Justice?

Answer 9

Fees paid when legal proceedings start (Court costs)

Question 10

What were the types of Extraordinary Revenue Henry VII used? (6 examples)

Answer 10

Parliamentary Grants
Loans
Benevolences
Clerical Taxes
Feudal Obligations
French Pension

Question 11

What were Parliamentary Grants?

Answer 11

Revenue given by Parliament to help the king when the national interest is threatened

Question 12

Which events did Henry VII successfully get Parliamentary Grants for? (3 examples)

Answer 12

The Battle of Stoke (1487)
War against the French (1489)
Defence against the Scottish invasion (1496)

Question 13

How much was a Parliamentary Grant each time usually?

Answer 13

£30,000

Question 14

What were Loans? And how much did Henry VII have during his reign?

Answer 14

A bundle of revenue from richer subjects during times of emergency
Around £203,000 during his reign

Question 15

What were Benevolences?

Answer 15

Forced loans without repayment

Question 16

What was an example of Henry VII using Benevolences?

Answer 16

1491 - Henry raised £48,500 to take his army to France during the Brittany Crisis

Question 17

What were Clerical taxes? (2 examples)

Answer 17

Simony - selling of church positions for money
Vacant Bishops positions - kept by the king whilst vacant

Question 18

What were three examples of Henry VII using Clerical Taxes?

Answer 18

1489 - the Convocation (Church council) gave £25,000 towards the cost of the French war
Charged Roger Sherbourne £300 for the position of Archdeacon of Buckingham
Charged £6,000 for each vacant Bishop’s land

Question 19

What was an example of Henry VII using an extraordinary feudal obligation?

Answer 19

£30,000 for Prince Arthur’s knighting

Question 20

How much revenue did the French Pension (Etaples) give Henry VII?

Answer 20

£159,000 in total - £5,000 annually

Question 21

What was the annual income to Henry VII’s crown?

Answer 21

£40,000

Question 22

Which two country leaders could Henry VII not match financially? What does this mean he had to do?

Answer 22

The Holy Roman Emperor + French King
He had to appear richer than he was to improve his security

Question 23

Propaganda wise, what did Henry spend his finances on? (4 examples)

Answer 23

Flags/Banners
Images of the Tudor Rose
The Beaufort portcullis
Jewels + plates

Question 24

How much is the estimate on Henry VII’s expenditure on jewels and plates?

Answer 24

Just under £300,000

Question 25

What quote by Polydore Vergil sums up how the people of England were effected by Henry VII’s management of finances?

Answer 25

the people…
‘‘…considered they were suffering not on account of their own sins, but on account of the greed of their monarch.’’