Henry VII Part 3: His Financial Problems Flashcards
How did Henry VII’s income from Parliament change during his reign?
It INCREASED from £50,000 to £140,000.
Why did Henry VII want to make the crown financially independent of parliament ?
Because he didn’t want to have to rely on Parliament granting him sums of money!
What were the terms used to describe the money that Henry VII received from Parliament? (2)
Tonnage and Poundage. [These were customs duties granted since medieval times to the English crown by Parliament.]
Why were Finances important to Henry VII? (3)
YES, FINANCE was very important to Henry VII. This is hardly surprising.
A poor king would be limited in the actions he could take, and would be DEPENDENT on those people who he borrowed from, such as Parliament or the Nobility.
Henry wanted to be free to taker whatever actions he wanted. Henry therefore CONCENTRATED ON BUILDING UP HIS WEALTH. He did not do this by creating new sources of income, but rather by exploiting the existing ones more efficiently.
How did H7 make money out of YORKIST LAND? 2
He CONFISCATED the land of the Yorkist Rebels, and this allowed him to GENERATE INCOME from the land (typically by RENTING the land).
What were FORCED LOANS (also known as Benevolances)? 2
With Forced Loans, people were forced to loan money TO THE KING - with no hope of being repaid. Benevolences were very unpopular.
Explain how Henry VII’s managed to force “Gifts” from wealthy people. (2)
Henry VII had his own RETAINERS dressed in green and white livery. They “visited” selected people, and put pressure on them to make “GIFTS” to His Majesty. In essence, this was no more than a PROTECTION RACKET.
Give examples of the ways in which Henry VII SCRUPULOUS about his finances (3)
- He encouraged EFFICIENCY IN ADMINISTRATION.
- Most of the money collected went straight into the ROYAL TREASURY, in charge of which he had placed able and energetic servants, supervised by the king himself.
- He kept close involvement in the finances. For example, he CHECKED AND SIGNED THE ACCOUNT BOOKS HIMSELF, and even changed his signature from time to time, to ensure that people couldn’t sign on his behalf.
How did Henry VII use the Court of STAR CHAMBER? (1)
Henry VII used the Court of Star Chamber to impose fines on NOBLES that committed crimes.
Why did Henry VII encourage the wool trade? (2)
H7 owned the CUSTOMS DUTIES on WOLL EXPORTS, so did much to make sure that the wool trade was helped when he made TREATIES with foreign countries.
How did Henry VII use “RELIEF” to raise funds? (2)
Nobles that INHERITED LAND on the deaths of their fathers had to pay a FEE to Henry VII before they were able to take over the land. This was known as “Relief”.
Henry VII used “AID” to raise funds. What was this? (1)
AID was the fee that Nobles had to pay the king when their daughters married.
How did Henry VII help his finances by “selling Offices and Positions”? (1)
An Office or Position was a title, perhaps an important job in the church, like a Bishop, or a Lord, Earl, or similar.
When did Henry VII invade France? (1)
1491
How did H7’s invasion of France help his finances? (2)
The French quickly agreed a TREAT AT ETAPLES, which gave Henry VII an instant £149,000.
