Royal Finances

Question 1

Henry’s 3 methods of improving finances

Answer 1

Reorganisation of financial administration

Exploiting sources of ordinary revenue (income from royal land, feudal dues)

Increasing income from extraordinary revenue (parliamentary grants, French Pension)

Question 2

Financial Administration

Answer 2

Henry used the Exchequer at first, but it was inefficient and he went back t the Chamber system, which dealt w all income except customs duties. This gave Henry more control

Question 3

Ordinary Revenue

Answer 3

Came from crown lands, customs, feudal dues.
Most important was crown lands and Hnery increased this through :
Act of Resumption 1486
Lands taken from those who had Acts of Attainder on them (lost right to own land)

Question 4

Extraordinary Revenue

Answer 4

Most frequent source of ER was taxation. Henry also asked wealthy subjects for loans and benevolences (these were not paid back so couldn’t be used regularly). Income rose to £113,000 per year