Somerset Finance debt

Question 1

Population

Answer 1

2.3-3 million – over 20% under the age of 5 so cannot contribute
High dependency ratio

Question 2

grain prices

Answer 2

increases 69% 1508 to 1530

Question 3

Debasement

Answer 3

1547-51, raises 547000, but 97 to 25% sterling silver – inflation

gold crown (the primary gold coin) in 1547 had 23 carat gold content, but by 1550, the same coin was debased to around 18 carats.

Silver content in the silver penny dropped dramatically from 92% pure silver under Henry VIII to 50% by 1550.

Question 4

Hales commision dates

Answer 4

June 6th 1548

Question 5

harvest/tax

Answer 5

Poor Harvest in 1548

Laws passed 1548 and 1549 that raised tax on sheep and cloth

Question 6

wheat price

Answer 6

Wheat 12s per quarter in 1547 to around 18s per quarter in 1550

Barley -8s per quarter in 1547 to 12s per quarter in 1550.

Rye Prices:
1547: 10 shillings per quarter.
1550: 15 shillings per quarter (a 50% increase).

Question 7

Vagrancy

Answer 7

1 in 4 men in rural areas landless

Question 8

National debt

Answer 8

national debt at about £500,000 by 1550,

Question 9

Western

Answer 9

June 20th – spread to Devon and Cornwall

Rebels attack gentry at st micheals mount and attack trematon castle

Chant ‘kill the gentleman’ and William hellyons is killed

Response: government bribe poor in Exeter regional capital

Redirect troops from Scotland – Battle of Stamford Courtenay august 16th 1549

Over 3000 killed – Preists hung in ‘popish trash’

Question 10

Ketts

Answer 10

July 12th - set up at mousehold heath

July 21st – over 16000 storm Norwich capital

August 2nd - 400 troops sent under marquis of Northampton, they are defeated and Lord Sheffield dies in battle

August 24th – 16000 troops sent under Warwick

August 26th – Battle of dussindale, over 3000 killed, kett and 48 others trialled, 30 hung on the tree of reformation

Question 11

Land tax

Answer 11

In 1549, a 1s per pound tax was levied on landowners.

Subsidy - 1550 - 4s per £ for the wealthier landowners and merchants

Question 12

Vagrancy act

Answer 12

December 24, 1547
Vagrant condemed to slavery for 2 years

Question 13

Price index

Answer 13

Up 250% 1546 and still 200% by 1549

Question 14

Proclimation 2

Answer 14

April 17, 1549,

Question 15

Hales commision

Answer 15

June 6th 1548

Question 16

Taxation act of landowners

Answer 16

1 February 1550

An Act concerning the Release of the Branches in the last Act of Relief for the Payments of Sheep and Cloths, and also a Grant of a Subsidy to be paid in one Year.
Subsidy up 4s per year

Question 17

Enclosures

Answer 17

2% in 16th century to 24% by 17th century

24 counties are estimated to have totaled approximately 500,000 acres, representing about 2.76%

Question 18

Daily wage

Answer 18

4.5-5 pence