Finances under Henry, Edward and Mary

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  • Finances in Henry, Edward and Mary
    • Henry
      • Debasement. 1550. massive inflation, gold and silver content of money falls
      • War
        • money spent on unneeded fortifications
        • Battle of Solway Moss (1542) - helped F/S relations. Proved Henry's pride comes b4 financial security...
        • France- cost £2mill. raised from loans and subsidies. Only gained Boulogne
      • Cromwell helped finance evolve by delegating to trained men and councils. Henry undermined this w/ French wars...
        • War vs. Scotland £2,100,000 + loans and selling of crown lands. £1,173, 755 debt
          • Somerset further crippled Economy
            • Garrisoned troops on Scottish Border. cost £351,000
            • continues debasement. Afraid of retaliation if increased taxes.
              • spiralling inflation. V unpopular
              • debasement must end
                • last debasment= 1551. too scared to replace coinage.
                  • 1551 Antwerp Market crash (inflation)
                  • continues debasement. Afraid of retaliation if increased taxes.
                    • spiralling inflation. V unpopular
                    • debasement must end
                      • last debasment= 1551. too scared to replace coinage.
                        • 1551 Antwerp Market crash (inflation)
            • Enclosure laws (reintroduced previous legislation) and Vagrancy acts (housing for deserving poor/ slavery act). aim to help poor. undermined by other failures.
              • raised hopes - then crushed them
            • rising price of grain. poor harvest1549. fear in gentry.
              • Enclosure laws (reintroduced previous legislation) and Vagrancy acts (housing for deserving poor/ slavery act). aim to help poor. undermined by other failures.
                • raised hopes - then crushed them
      • Before 1536 funds go straight to exchequer. Slow and Innefficient. Cromwell creates councils to deal with this.
        • 1536 - Court of Augmentations - deals with Monastatic poperty and revenue
          • 1554 = office of Augmentations (as part of Xchequer)
        • Court of General Surveyors (under Wolsey)
        • 1540 - Court of Wards -  Y from wardships to crown (prevent corruption)
        • 1541 - court of Fruits and Tenths
        • 1542 - Court of General Surveyors
      • Could government finance itself?
        • No! the division between private and public costs and war meant taxes needed.
    • Edward
      • Somerset further crippled Economy
        • Garrisoned troops on Scottish Border. cost £351,000
        • rising price of grain. poor harvest1549. fear in gentry.
        • Northumberland tried to rectify somerset's mistakes with clear strategy
          • King's income= expenditure
            • Boullogne returned (£133,333 and garrisons ended
              • commissions
                • winchester = stricter methods
              • emergency hh funds.
              • forced compromise to keep support. i.e. selling lands
                • continued selling church and chantrylands
            • King's debts paid
              • continued selling church and chantrylands
              • parliament taxes
              • calling in debts
              • Thomas Gresham. manip change of sterling to pay of debts to antwerp.
                • paid all debts + loans at 12% IR
                • almost half debt. £300,000 - £180,000
                  • King's debts paid
                    • parliament taxes
                    • calling in debts
                    • Thomas Gresham. manip change of sterling to pay of debts to antwerp.
                      • paid all debts + loans at 12% IR
                      • almost half debt. £300,000 - £180,000
              • long term position less secure
          • Mary
            • calais
              • loss of trade
              • robert titler = exaggerated cos of long term decline of markets
                • just anotherexp.  frontier to defend
            • Marriage to Phillip = power but responsibilities...
              • troops to Neds
              • war on france 1557
              • more money on Phillip then own FP objectives
            • refunding monasteries= exp. but money in lay hands...
              • economy in ruins when Elizabetb ascended
          • best when leaders delegate. Henry's example = difficult to rectify.
        • Henry
          • Debasement. 1550. massive inflation, gold and silver content of money falls
          • War
            • money spent on unneeded fortifications
            • Battle of Solway Moss (1542) - helped F/S relations. Proved Henry's pride comes b4 financial security...
            • France- cost £2mill. raised from loans and subsidies. Only gained Boulogne
          • Cromwell helped finance evolve by delegating to trained men and councils. Henry undermined this w/ French wars...
            • War vs. Scotland £2,100,000 + loans and selling of crown lands. £1,173, 755 debt
            • Before 1536 funds go straight to exchequer. Slow and Innefficient. Cromwell creates councils to deal with this.
              • 1536 - Court of Augmentations - deals with Monastatic poperty and revenue
                • 1554 = office of Augmentations (as part of Xchequer)
              • Court of General Surveyors (under Wolsey)
              • 1540 - Court of Wards -  Y from wardships to crown (prevent corruption)
              • 1541 - court of Fruits and Tenths
              • 1542 - Court of General Surveyors
            • Could government finance itself?
              • No! the division between private and public costs and war meant taxes needed.
          • Marriage to Phillip = power but responsibilities...
            • troops to Neds
            • war on france 1557
            • more money on Phillip then own FP objectives

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