Edward VI: Economy under Somerset

Question 2

What problems plagued Somerset’s economy?

Answer 2

Inflationary pressures, Agrarian issues, Taxation

Question 3

What were the inflationary pressures in Somerset’s economy?

Answer 3

The rate of inflation had been rapidly increasing since Henry VIII. Population was rising. Debasement of the coinage destroyed the economy. Somerset continued to debase, funding £500,000 for Scottish war in 1547.

Question 4

What agrarian issues affected Somerset’s economy?

Answer 4

Harvest failure of 1548. Setup an enclosure commission in 1548, annoyed landowners and brought false hope to the peasants because nothing was done. Conversion of arable to pastural land created enclosure. Norfolk Foldcourse system - gave landowners the right to enclose land.

Question 5

What was the impact of taxation on Somerset’s economy?

Answer 5

1548 Sheep tax - Created massive financial pressures on the Peasants. The rate of enclosure was slowing down - wrong response and was counterproductive.