Henry VII and Revenue

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  • How did Henry VII raise revenue?
    • Astute appointments
      • Members of the clergy could buy Church positions off of Henry for a sum.
    • Exploiting extraordinary revenue for specific purposes
      • For special occasions such as marriages, coronation, Royal Progress and knighting of princes, money could be raised. Through marriage of Margaret, his eldest daughter, and Prince Arthur's knighting, Henry raised £30,000.
      • Henry could raise a taxation for war or to put down rebellions. An example of this is the Battle of Stoke and the Cornish rebellion.
      • In the Treaty of Etaples, the French paid Henry a large initial sum for the removal of English troops and an annual pension of £5,000
      • Through bonds and recognisances, Henry could gain money from disloyal nobles. In 1493, Henry was collecting £3,000 p/a. This went up in 1505 to £35,000 p/a.
    • Extracting money from nobility
      • Through bonds and recognisances
        • Through bonds and recognisances, Henry could gain money from disloyal nobles. In 1493, Henry was collecting £3,000 p/a. This went up in 1505 to £35,000 p/a.
      • Wardships
        • Through feudal dues i.e. wardships, rents, arranging marriages, Henry could achieve a profit for himself.
    • Foreign policy
      • Treaty of Etaples with France
        • In the Treaty of Etaples, the French paid Henry a large initial sum for the removal of English troops and an annual pension of £5,000
      • Intercursus Magnus with Burgundy increased trade between the two states, increasing custom dues.
      • Treaty Medina del Campo brought with it a dowry of 200,000 crowns for Prince Arthur from Catherine of Aragon
    • Revenue from Church
      • Henry sold church positions and managed to accumulate revenue through this.
      • Henry also left empty bishoprics empty so he could collect the money from these positions. He usually did this for a period of twelve months before filling the position.
      • When receiving a grant from Parliament, the Church normally gave a grant to go alongside it.
    • Exploiting ordinary revenue more effectively
      • By using the Chamber and effective treasurers more than the Exchequer, Henry's revenue from the Crown lands increased from £12,000 to £42,000. He also increased his land through Acts of Attainder and Resumption. Peerages that became extinct also had their lands passed over to the king, increasing his profits.
      • By exploiting profits of justice, Henry managed to increase revenue. Fines for pardons and other such things to do with judicial matters were given to Henry.
      • Through custom dues, Henry managed to raise £40,000 p/a by the end of his reign. He did this by continuing Edward IV's work to stamp out embezzlement.
      • Through feudal dues i.e. wardships, rents, arranging marriages, Henry could achieve a profit for himself.

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