royal finances Flashcards
Why were strong royal finances important for Henry VII?
To secure the throne, raise forces to suppress unrest, and provide money for his son’s security against challengers.
What were the three ways Henry VII attempted to strengthen royal finances?
- Reorganisation of financial administration
- Exploiting sources of ordinary revenue
- Increasing income from extraordinary revenue
What led to the Yorkshire tax revolt in 1489?
Henry needed to raise money to aid Brittany against France and the northern counties objected to taxation due to their usual exemption.
What was the outcome of the Yorkshire tax revolt?
The revolt was easily crushed, but no tax was collected as Henry recognized the need to compromise.
What triggered the Cornish rising in 1497?
Henry’s demand for the west to pay towards the invasion from the north by Warbeck.
How many men did the Cornish rising attract?
15,000 men.
What was the fate of the leaders of the Cornish rising?
They were executed and others were fined.
What financial administration system did Henry VII initially use?
The Exchequer.
What system did Henry VII revert to for financial administration by 1487?
The chamber system.
What sources contributed to ordinary revenue?
- Crown lands
- Customs
- Justice
- Feudal dues
What was the significance of the 1486 Act of Resumption?
It restored crown lands.
How much did income from the duchy of Lancaster increase during Henry’s reign?
Ten-fold.
What was the annual customs income under Henry VII compared to Edward IV?
Dropped to £40,000 from Edward IV’s £70,000.
How did Henry VII exploit the justice system for revenue?
By using fines rather than imprisonment to raise money.
What was the increase in income from feudal dues from 1487 to 1507?
From £350 to £6000.
