Henry VII: Government - Royal Finances Flashcards

1
Q

Exchequer

A
  • Initially, Henry VII relied on the Exchequer to organise his finances because he lacked financial security
  • The Exchequer ran royal finances by employing its own officials
  • The Exchequer kept accurate accounts but was slow and inefficient
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2
Q

Context for Chamber System

A
  • Previous Yorkist kings used Chamber system - financial management was part of the royal household and under direct supervision of the King
  • It had, however, collapsed with the Yorkist dynasty and Henry lacked the financial experience to be able
    to reconstruct it immediately
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3
Q

Henry’s Return to the Chamber System

A
  • Gradually, Henry VII returned to the Chamber system
  • From 1493, the Exchequer lost its role in accounting for revenue from the crown lands
  • This role was given to Court of the General Surveyors
  • Everyone working in this court took a bond to guarantee their work for the King
  • Careful supervision and thorough investigation increased the revenue from crown lands
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4
Q

Financial Administration Reforms

A
  • Henry VII established a new post of Surveyor of the King’s Wards to investigate cases of money owed to him from wardships
  • Established a Court of Audit to monitor government spending
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5
Q

Henry VII’s Financial Policies

A
  • Henry VII avoided aggressive foreign policy to avoid foreign wars
  • He understood foreign wars made previous monarchs poor
  • Henry VII exploited his legal rights to claim special payments from his nobles, both to swell his treasury and to remind them of his control over them
  • Also also prepared to overlook or to reverse his claims when it was necessary to win support
  • Described as a miser
  • But Henry always spent money extravagantly when it was necessary to enhance the image of his kingship
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6
Q

How many times bigger was Henry VII’s income than the wealthiest noble?

A
  • Henry VII’s income was nearly 20 times greater than that of his wealthiest noble
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7
Q

How much did Henry VII and the King of France earn each year?

A
  • Henry VII - £113,000
  • King of France - £800,000
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