Henry 7th Finances Flashcards Preview

Tudor section1 - Henry V11 1485-1509 > Henry 7th Finances > Flashcards

Flashcards in Henry 7th Finances Deck (7)
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1

What was Henrys attitude towards finances and revenue?

H acutely aware of importance of good financial base and availability of huge sums of revenue together w financial stability was essential and hugely beneficial if he ever had to raise an army to defeat enemies and ensure his dynastic and national security. He did not feel secure unless he was rich and prosperous.

2

What were are the Types of ordinary revenue and extraordinary revenue available to Henry?

Ordinary = Crown lands, feudal dues/obligations, Bonds and recognisances, profits of justice
Extra ordinary=Parliamentary grants, Loans, French pension, Clerical taxes and Feudal aid.

3

Give 1st key point /evidence to agree that Henry succeeded in increasing Royal income

1) Main earner was in Royal Estates. H didn't give many titles or lands away to his supporters or relatives, as result much more property was kept in kings personal estates + revenue gained from these holdings went toward Henry royal finances.
Huge benefit which arose as result of increased lands held by monarch using efficient management meant annual income of crown lands increased from £29,000 on death of R3 to £42,000 by 1509. Showing Royal income increased greatly during H reign.

4

Give 2nd key point to agree Henry succeeded in increasing royal income.

2) Acts of Attainder meant H gained more lands into his own assets, thus increasing earning for running the kingdom.
Through using Escheats instead of lands of deceased nobles being passed onto other Noble families the H absorbed them for himself, again increasing land and revenue for royal finances.

Passed Act of Resumption in 1485 which recovered all crown properties previously given away since 1455 but didn't take all lands to keep nobility on side.
Henry attitude towards gaining and receiving land meant size of Royal Estates increased by 45% by end of reign in 1509.

5

Give 3rd key point to agree Henry succeeded in increasing royal income.

3) Henry took advantage of Catholic Church using Clerical Taxes and could exploit and control it to help provide crown with substantial finances raised through taxations, fines and loans. Where Church should supply money to the king in any emergencies, this was used in 1489 toward the French war which supplied Henry with £25,000. The Treaty of Estaples introduced the French Pension whereby sum of £12,500 was paid annually to Henry in exchange for him to leave French Land which equated to around £159,000 overall!

6

Key reasons to disagree that henry succeeded/ should be praised for increasing Royal income.

1) Some of H financial policies were extremely exploitative. Medieval feudalism placed monarch in position of power to own all lands in the realm and as overlord king could demand payments whenever changes took place in landowning arrangements. This paved way for exploitation of his nobles. He did this many occasions. One system was Wardship where Henry could claim warship of heir to estates and demand huge payments to allow the transfer of ownership of the lands to its rightful owner. This was just another way of extracting money out of his country's nobility, despite producing large finances he used these to great extent to exhort money from his people.

7

Other reasons to disagree that henry succeeded/ should be praised for increasing Royal income.

2) Extraordinary revenue meant Henry could gain more money for royal finances generally only through a parliamentary grant which effectively authorised a direct tax from his subjects. This usually came in form of property of income tax and was extremely unpopular form of income with general population and noblemen. This made Henry unpopular but in many cases was necessary. It is suggested the political backlash H received due to his strategies was bad and often only increased revenue by the exploitation of his own people.