Henry VII's finances
- Created by: xmeganbakerx
- Created on: 06-03-19 20:40
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- Henry VII's finances
- Financial systems
- Since the middle ages, monarchs used the Exchequer financial system.
- Edward IV used the chamber system.
- Henry initially returned to the Exchequer system. By 1487 he realised it was inefficient and went back to the chamber system, which dealt with all income except customs duties.
- Henry used the chamber system as it increased the importance of the Treasurer of the Chamber and Gentleman of the Bedchamber. Gave Henry greater control.
- Ordinary revenue
- Came from crown lands, customs and justice and feudal dues.
- Henry was skilful in exploiting crown lands to increase income.
- With customs, he was less successful and couldn't match Edward IV's £70k per annum.
- Henry exploited the justice system, using fines instead of imprisonment to raise money. Income from feudal dues rose dramatically as he enforced his rights.
- The amount of income varied by year.
- Came from crown lands, customs and justice and feudal dues.
- Why were strong royal finances important?
- He could provide his son with money to secure the throne against challengers.
- It enabled Henry to secure the throne and raise forces to put down unrest.
- Extraordinary revenue
- Parliamentary taxation was the most frequent source of revenue but only to be raised in emergencies and caused opposition.
- Henry also asked wealthy subjects for loans and benevolences.
- The latter weren't repaid and so couldn't be used regularly.
- He raised money from the Church and levied money through feudal aid to fund occassions like knighting his son, Arthur.
- Financial systems
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