Northumberland's Econ/Soc Policy Flashcards
How much had Somerset spent on war?
£1,356,000
What was the state of England’s economy when Northumberland rose to power?
Bankrupt
What were Northumberland’s aims in financial policy?
End debasement
Reduce expenditure
King to live off his own income
How did Northumberland tackle debasement?
Proclamation issued to reduce the value of the coinage in 1550
Decision to end debasement made in April 1551, with one last debasement in May 1551
Encouraged people to lower their prices to stop inflation, because he didn’t dare to call in all of the coins and replace them with the correct amount of silver
How much money did Northumberland make from the last debasement?
£114,000
How did Northumberland reduce expenditure?
Sold Boulogne back to the French
Recalled garrisons in Scotland (but continued to fortify defenses on the border)
Established a commission to look into methods of financial government under Paulet
How much was Boulogne sold back for?
£133,333 (400,000 crowns) - less than Henry VIII had wanted but a prudent decision
Where did Northumberland keep defenses after recalling garrisons in Scotland?
Berwick and Carlisle
What change did Paulet, Marquis of Winchester (Lord Treasurer) make to reduce expenditure?
Established an emergency household coffer, encouraging the king to live off of his own income
How and why did the nature of overseas trade change?
Expansion was encouraged due to rocky European trade (Antwerp going into decline)
How was trade expanded in 1553?
Trade established with the Gold Coast in West Africa
Why was overseas expansion limited?
English ships in this period weren’t strong enough to reach places like China or India
What was set up by Sebastian Cabot in 1552?
North-East Passage Company
How did Hugh Willoughby attempt to expand trade?
Made diplomatic links with the Tsar of Muscovy
Subsequently, the Muscovy Company was set up (but this failed to encourage trade)
By how much did Northumberland reduce debt?
Went from £300k in 1550 to £180k in 1553
