Northumberland Society and Economy
- Created by: kmules15
- Created on: 13-01-22 14:32
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- NL Society + Economy
- Govt
- Didn't name himself Lord Protector
- Lord President of Council and the Great Steward of the Kings Household
- LP = worked with PC, set up inner council, appointed secretaries, ruled with them, less procs, men appointed for skill
- GS= controlled Edward's household, listened to Ed more, used Cran to influence Ed
- Lord President of Council and the Great Steward of the Kings Household
- Learnt from Som's mistakes
- Not autocratic
- Knew he was just a faction leader who got lucky
- Ed already executed 2 uncles, could easily remove him
- Didn't name himself Lord Protector
- Finance
- Eng = bankrupt
- Som spent £1,356,000 on war, sold £800k + borrowed £50k
- Aim 1- end debasement
- Procs reduced value of the coinage in 1550
- Decision to end debasement not made until 1551
- May 1551- one last debasement to make £114k
- Didn't call in all of the coins (not til 1560)
- Encouraged people to keep their prices low to stop inflation
- Procs reduced value of the coinage in 1550
- Aim 2= reduce expenditure
- Boulogne sold back to French for £133,333
- Garrisons in Scot recalled
- Commission est to look into accounting method for govt and Paulet est emergency coffer
- Expenditure cut but NL still needed to reward supporters
- Idea of King living off own income = unrealistic
- 1552 commission to look into 5 revenue courts
- Conc- make into 1 court- the Exchequer
- Expenditure cut but NL still needed to reward supporters
- Aim 3= reduce debts
- 1550 = worst year for debts (£300k)
- At £180k by 1553
- Sold crown and chantry land to achieve this (not good long term)
- Raised £210k
- Raised taxes- £336k
- 1551 debasements raised £537k
- Called in crown debts raised £16k
- Gresham mainpulated Antwerp market and improved the value of £
- Negotiated lower interest on loans (12%)
- Sold crown and chantry land to achieve this (not good long term)
- At £180k by 1553
- 1550 = worst year for debts (£300k)
- Eng = bankrupt
- Overseas exploration
- Encouraged due to rocky Eur trade
- 1553- trading with the Gold Coast
- Ships too weak to reach China or India
- NE passage set up by Cabot 1552
- 1553- trading with the Gold Coast
- Links made with Ivan, Tsar of Muscovy
- Muscovy co. founded to encourage trade
- Encouraged due to rocky Eur trade
- Society
- Didn't continue Som anti enc policy
- Felt it caused Kett's rebellion
- 1550- unpop sheep tax repealed
- 1547 vagrancy act repealed but kept provisions for disable
- 1551- NL govt taken control of stocks of grain + had surplus in case of famine
- 1550- intro new treason law to restore censorship and stop rebellions
- 1552- Acts to protect arable farming
- Illegal enclosures increasingly prosecuted
- Didn't continue Som anti enc policy
- Govt
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