Edward VI: Economy under Northumberland Flashcards
(8 cards)
What did Northumberland bring to the English economy?
Brought financial stability to the crown. Made improvements following H8 and Somerset’s disasters.
What methods did Northumberland use to reform the economy?
Ending the Scottish and French wars in 1550 with the Treaty of Boulogne. French Pension, Ending debasement, Melting church plate.
Why was ending the Scottish/French war significant?
Garrisons were wildly expensive, Boulogne was a huge drain on scarce resources. £133,333 was received for the return of Boulogne.
Why was ending debasement significant?
Debasement had riddled the economy since H8, Somerset continued (for Scottish war) and Northumberland did it once - but abandoned the practice. Debasement stopped = more precious metals in coins and brought stability to currency.
Why was melting church plate significant?
Continued the direction of Protestantism - Melted the plate down into bullion.
Why was Walter Mildmay significant?
Walter Mildmay was in charge of formulating a detailed analysis of the crown’s finances and plans were made to streamline administration. This, however, didn’t come to fruition until Mary.
What was the overall economic impact of Northumberland?
Cecil was placed in charge with sorting out the crown’s finances. In 1552 the council established a revenue commission to investigate finances. March 1552 the coinage was reminted to its 1527 value. Repealed Sheep Tax.
