Henry VII financial policy

?
What was Henry VII financial objective?
to achieve solvency by increasing royal income and decreasing expenditure to secure the dynasty
1 of 56
How would financial policy establish royal authority ?
reward loyal service, bribe potential opponents, fund armies, allow his heir to fight any threats (securing the Tudor dynasty), maintain a lavish court
2 of 56
The development of crown finances
s
3 of 56
1. improvement and development of .....
extraordinary or ordinary revenue Or
4 of 56
ordinary revenue (4)
regular income on which the crown could rely to finance the costs of the monarchy (crown lands, feudal dues, custom duties, legal dues)
5 of 56
Unlike previous kings what did Henry not do to crown lands (to increase his own power and influence )?
`give them out to family and friends
6 of 56
From 1485-1509 *** much did the annual income from crown lands increase from?
£29,000 to £42,000
7 of 56
What was money owed to the king due to traditional rights eg. warship, when noble families married ?
Feudal dues
8 of 56
Why did Henry exploit feudal dues ?
for greater financial gain and control over the nobility
9 of 56
The income from feudal dues was £350 in 1487, what was it in 1507?
£6,000
10 of 56
What was custom duties ?
Tonnage and poundage
11 of 56
who was Henry like because he promoted trade in order to maximise the crown'd earnings?
Edward IV
12 of 56
What was the annual income from customs duties rise from in 1485 to 1509?
£33,000 in 1485 to £40,000 in 1509
13 of 56
What was money from when people had to appear in court like fines ?
Legal dues
14 of 56
What did Henry ensure criminal; acts were punished by rather than imprisonment ?
Fines
15 of 56
eg. What was Sir William Stanley's attainder in 1495 immediate payment ?
£9,000
16 of 56
Then what did he have pay each subsequent year ?
£1,000
17 of 56
Extraordinary revenue (5)
Money that came to the crown irregularly - Bonds and recognises, loans and benevolences, One off examples of feudal dues, clerical taxes, Parliamentary taxes
18 of 56
What are bonds and recognisances ?
payments made as guarantees of good behaviour
19 of 56
What council, what primarily used to enforce these payments that Henry used for financial gain and greater control over the nobility ?
The council learned in the Law
20 of 56
What was the annual income from Bonds and recognises 1493 ?
£3000
21 of 56
What was the annual income from Bonds and recognises 1505?
£35,000
22 of 56
What was the revenue called when landowner's would voluntarily provide financial support and who enforced these payments ?
Loans and Benevolences, council leaned in the law
23 of 56
How much did Loans and Benevolences raise in 1491 for the war in Brittany?
£48,000
24 of 56
What did Henry exploit fully that were one off special payments form nobility or parliament ?
One off examples of feudal dues
25 of 56
For example, how much did he receive from parliament in 1504 for the knighthood of prince Arthur ?
£30,000
26 of 56
Who else did he force to pay one off examples of feudal dues ?
nobles who had chosen not to be knights
27 of 56
What was special taxes that the King could force to Pay as a voluntary gift?
Clerical taxes
28 of 56
Was this revolutionary ?
No because previous monarchs did this as well
29 of 56
eg. Henry sold offices and raised £300 funds for the post of ....... ?
Archdeacon of Buckingham
30 of 56
Why did Henry try to avoid parliamentary taxes?
deeply unpopular and had let to rebellions like the Yorkshire and Cornish
31 of 56
What did Henry try to introduce but was abandoned ?
A kind of income tax
32 of 56
-
-
33 of 56
What types of councils were developed to improve the administrations of finances?
The council learned, The court of Audit,
34 of 56
What was the Court of Audits role?
monitored government spending
35 of 56
What post was established to investigate cases of money being owed to the King?
New post of surveyor for the Kings ward
36 of 56
3. Where did the Exchequer move to ?
The privy chamber
37 of 56
Why was it moved?
Because the Exchequer had become clumsy and inefficient (own officials)
38 of 56
Why did moving it so important (2)?
because ,only was processed quicker and more efficient , finances were under the direct, personal control of Henry
39 of 56
Why did Henry avoid foreign wars?
They were expensive and the single biggest reason for poverty in earlier kings
40 of 56
5. Whats the 5 way he developed finances that didn't save money ?
Spend more money at times in order to improve Royal authority
41 of 56
Why did Henry have to spend money on a lavish Court?
to appear rich and powerful because did did not have a standing army and his annual income was less then other European monarchs
42 of 56
to ensure security of the Country, how much Did Henry loan to HRE maximillian in 1502 and 1509?
£226,000, £342,000
43 of 56
Interpretations that Henry was a Miser King and obsessed with Hoarding Money
////
44 of 56
He transformed the Crown's accounts and left vast some of Money, what does Bacon estimate this number to be ?
£1,800,000
45 of 56
Revisionist interpretation
More nuanced - Henry was careful, not miser and improved not transformed finances
46 of 56
What was his way of obtaining money similar too?
Previous monarchs was just more efficient
47 of 56
What was Henry's annual income ?
113,000
48 of 56
What was this income similar to ?
that of a monarch a century before
49 of 56
what was the annual income of the King of France?
£800,000
50 of 56
What was the Crown by the end of his reign even though he inherited a Crown in poor financial state?
Solvent
51 of 56
Why in the last few years did Henry become obsessed with amassing huge fortune according to revisionists?
To secure the Tudor dynasty for his son
52 of 56
How much money did he leave in plates and jewels ?
£300,000
53 of 56
How much did he leave in cash ?
£10,000
54 of 56
Was this an extraordinary sum?
no but an substantial one
55 of 56
Why do revisionists believe Henry was not miser?
Spend money were necessary
56 of 56

Other cards in this set

Card 2

Front

How would financial policy establish royal authority ?

Back

reward loyal service, bribe potential opponents, fund armies, allow his heir to fight any threats (securing the Tudor dynasty), maintain a lavish court

Card 3

Front

The development of crown finances

Back

Preview of the front of card 3

Card 4

Front

1. improvement and development of .....

Back

Preview of the front of card 4

Card 5

Front

ordinary revenue (4)

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar History resources:

See all History resources »See all British monarchy - Tudors and Stuarts resources »