Henry VII's Financial Policy.

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  • 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.
    • 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.
      • French Pension
        • Part of the Treaty of Etaples (£5,000 per annum).
      • Henry raised money from the Church.
    • 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.


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