Walter forced to devise a creative plan to improve fincace becuase of the intial finacial burdens caused by Richard's captivity:
- Taken captive by Leopald V, Duke of Austria, demanded ransom of £150,000 marks
Finacial pressures then became a long term situation:
- Richard wanted to reconquer lands of Phillip.
- Increased size of army for the fighting season.
However, Hubert was succesfull in providing 1,100,000 silver marks between 1194-1196
How?
- Used existing established sources: Scutage & General tax
- But also innovative sources of funding such as Great Caracage ( +£1000) & 25% movable goods tax
- Gillingham commends Walters creativity by recognising the growth in English Economy
WALTER USED A COMBONATION OF EXISTING PRACTICES (USED CORRECTLY) AND INNOVATIVE SOURCES OF FINANCE.
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