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.
Which financial adminstration system was restored and when?
the chamber system by 1847
What sources contributed to ordinary revenue?
- Crown lands
- Customs
- Justice
- Feudal dues
How did Henry VII restore crown lands
1486 Act of Resumption
Whos income increased during Henry’s reign and by how much?
Duchy of lancaster, by 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 type of in income increased between 1487 to 1507?
Feudal dues from £350 to £6000.
What was the most frequent source of extraordinary revenue?
Parliamentary taxation.
What are benevolences in the context of Henry VII’s extraordinary revenue?
Loans from wealthy subjects that were not repaid.
How much did Henry VII’s income rise to by 1509?
£113,000 per year.
True or False: Henry VII’s court was known for its lavishness.
True.
Fill in the blank: Henry VII ran a lavish court to maintain an image of _______.
[power and prestige]
What was a criticism leveled against Henry VII regarding his financial practices?
He has been accused of being greedy.
