Henry VIII - Finance

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What was the National survey of wealth?
In 1522, Wolsey organised a national survey to assess who+how much tax could be paid. Largest survey since Doomsday Book, it raised 200,000 pounds in forced loans.
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What was the new taxes that Wolsey implemented?
Wolsey's 'subsidy' tax, approved by House of Commons in 1523, taxed income rather than property. Additionally a tax levied on the Church.
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What was the Amicable Grant?
In 1525 Wolsey proposed an 'Amicable Grant' to finance French campaign. It was to tax Church clergy 1/3 of the value of their goods + laity betters 1/6+1/10, allowing only 10 weeks to pay. Led to immediate resistance, so was withdrawn.
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What was tried to be done to enclosures?
In 1527 Wolsey enquired into scale+effects enclosures were having, but suspended due to landowners in Parliament.
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What was the Trade Embargo?
Wolsey's alliance with France against Spain revealed England without sufficient money to fight. Trade embargo against Spain, but as Spain controlled Netherlands, hugely affected England's trade of cloth to the Netherlands, their biggest market.
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What economic downturn occurred in 1527? And what happened as a result
Had worst harvests in a generation, worsening inflation+rises in unemployment made price rises unmanageable for many. This economic depression led to rebellions in the southern England in 1528.
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What did Wolsey do in 1526 to improve the state of economy?
Wolsey undertook re-coinage that increased number in use, but reduced their silver content. This increased exports (English goods cheaper) but made coins people own seem worthless.
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What did the French war in 1545 cost and result in?
Costed 2,000,000 pounds resulting in Henry borrowing, selling monastic lands (rather than renting), debasement of coinage (1545 silver content was 50%, 1546 content was 33%, under Edward VI, 25%), causing inflation that lasted decades.
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Other cards in this set

Card 2

Front

What was the new taxes that Wolsey implemented?

Back

Wolsey's 'subsidy' tax, approved by House of Commons in 1523, taxed income rather than property. Additionally a tax levied on the Church.

Card 3

Front

What was the Amicable Grant?

Back

Preview of the front of card 3

Card 4

Front

What was tried to be done to enclosures?

Back

Preview of the front of card 4

Card 5

Front

What was the Trade Embargo?

Back

Preview of the front of card 5
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