H and his financial policy
- Created by: valentina__calcagni
- Created on: 16-12-20 19:40
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- Henry VII's Financial Policy
- Henry's aims for strengthening the royal finances
- Re-organisation of administartion
- Exploiting sources of ordinary revenue
- Increasing income from ordinary revenue
- Exchequer vs The Chamber
- The Exchequer
- 2 main functions: to receive and pay out money and to audit accounts
- Employed lots of people to try stop frauds- system v slow so Crown was always short on money
- Audits took years to complete
- System inherited off Richard- didn't last long
- The Chamber
- V. flexible- also used by Ed IV to run his finances and men who worked there were appointed by the King
- Faster, more efficient and King was more involved
- H switched to chamber- Richard III, royal estates had brought 25k per year. During Henry (1486) dropped to 12k- Henry had to do something!
- The Exchequer
- Ordinary Revenue
- Crown Lands- Lands held by the King- inheritance, confiscation
- H increased the amount of land he had due to attainders and Act of Resumption
- On Henry's death, Crown lands were more extensive than they'd ever been- annual income had increased from £29k (1485) to £42k (1509)
- Feudal Dues- paid by tenants-in-chief for various reasons e.g wardship, livery, marriages etc
- Proceeds amounted to only £350 in 1497 to £6000 by 1507
- 1502- Willoughby de Broke- £400 for livery of his lands
- Proceeds amounted to only £350 in 1497 to £6000 by 1507
- Custom duties- to pay for English defences, notably the Calais Garrison
- 2 types: Preogative duties- on exports of wool,leather, cloth and some other exports Import and Export duties of tunnage and poundage and subsidy on wool exports
- 30k/year under H (decline in exports) which then grew to 40k/year- inc by New Book of Rates (1507) rates that took inflation into account
- 2 types: Preogative duties- on exports of wool,leather, cloth and some other exports Import and Export duties of tunnage and poundage and subsidy on wool exports
- Profits of Justice
- Fees paid for royal letters/units- no court action could start without them
- Fines levied by courts, H had policy of punishing by fine- even some treason cases that should have been death
- Crown Lands- Lands held by the King- inheritance, confiscation
- Extraordinary Revenue
- Parliamentary grants- help K when national interest was threatened
- Basic tax- 1/15 of value of goods in rural areas, 1/10 in urban
- 1487- request to pay for Battle of Stoke 1489- go to war with French 1496- defence- Scots+ Warbeck
- Loans- richer subjects gave at times of emergency- H repaid
- Est £203k gained throughout the reign
- Benevolences- forced loans with no repayment
- 1491- H raised £48k to take his army to France
- Clerical taxes- H got a lot of money from the Church. H made money from Convocations and Simony (e.g charged £300 for the Archdeaconry of Buckingham)
- Simony- H kept bishoprics vacant for a bit so he could pocket the revenue- received over £6000 a year this way
- Feudal Obligations- Feudal aid was a due levied on special occasions e.g knighting of price Arthur (1504)
- £30k levied for knighting of Arthur
- French Pension- Part of Treat of Etaples- pension paid to King of France
- £159k to be paid in annual amounts of £5000
- Parliamentary grants- help K when national interest was threatened
- Henry's aims for strengthening the royal finances
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