Fundamental reasons was because the King and Regent were protestants.
Somerset was able to use the European Reformation as a justification.
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Political Reasons
If the chantries were dissolved, Edward VI and the Duke of Somerset would gain more political power - Edward VI could then distribute the land and gain support thorugh vested interest in the Protestant Reformation.
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Financial Reasons
The Crown was poor at the time.
Money was needed to fund the Duke of Somerset's war against Scotland and France - the only alternative to dissolving the monastries was to raise taxes which wouldn't have been popular and may have led to a rebellion.
The money was also needed as bribery to pass acts through parliament.
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Religious Reasons
Edward VI was Protestant and the chantries would have been a clear symbol of Catholicism.
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Conclusion
Many reasons however ultimately it was Edward VI's religious beliefs that fueled his decision to dissolve the chantries.
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