Henry VII's Financial Policy.
- Created by: Tasha.L
- Created on: 17-04-16 15:35
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- Henry VII's financial policy
- Henry reorganised his financial adminsitration
- Henry increased the use of the chamber system.
- Henry's Privy Chamber also underwent changes, with increased importance for the Treasurer of the Chamber and officials.
- As a result of these changes Henry had a tighter control over his finances.
- He exploited sources of ordinary revenue
- Crown Lands
- This was the most important source of ordinary revenue. Henry used the Acts of Attainder and Escheats to maximise income from Crown lands.
- 1485:£29,000 1509:£42,000
- Custom duties
- Provided a third of the total revenue from ordinary revenue. They were the taxes on the import and export of goods.
- However, during Edward IV's reign, income was at £70,000. It dropped to £40,000 during Henry's reign.
- Profits from Justice
- The King often punished by fines rather than imprisonment
- Feudal dues
- Henry fully exploited income from feudal dues, such as wardship and marriage.
- Bonds and Recognizances.
- Crown Lands
- Increased income from extraordinary revenue.
- Parliamentary Grants
- Most important source of extraordinary income.
- Henry's use of parliamentary grants caused the Yorkshire Rebellion of 1489 and the Cornish Rebellion of 1497.
- Consequently, Henry was cautious with his demands, as he knew they were unpopular.
- Loans
- Henry loaned a total of £203,000 during his reign.
- Benevolences (forced loans)
- These were more beneficial, as they did not require a repayment.
- However, Henry could not use these frequently as they would provoke resentment.
- These were more beneficial, as they did not require a repayment.
- French Pension
- Part of the Treaty of Etaples (£5,000 per annum).
- Henry raised money from the Church.
- Parliamentary Grants
- Was Henry's financial policy successful?
- Henry restored the solvency of the Crown and increase annual income.
- Henry increased the annual income of the Crown to £113,000. At the time, the French income was roughly £800,000 per annum.
- He used all means possible to increase the income of the crown, to the point where he was considered avaricious and rapacious
- Henry spent money on maintaining a lavish court to dissuade pretenders.
- He wanted to create an image of power.
- Henry's exploitation of all sources of income may have alienated some of the nobility.
- Henry restored the solvency of the Crown and increase annual income.
- Henry reorganised his financial adminsitration
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