Henry VIII - Thomas Wolsey, Economic policies.

Question 1

What was the English economy like under Wolsey?

Answer 1

There was no national / coherent economic policy.

Question 2

How did Wolsey reform taxes?

Answer 2

1. Wolsey ended the tax system of fifteenths and tenths. A tax payer would now pay what they could, this was called subsidies.
2. Tax reforms badly hit the propertied classes and they resented Wolsey.

Question 3

How successful were subsidies in raising money for war?

Answer 3

Not very successful, in 1523 less than half of the anticipated £800,000 was raised.

Question 4

How did Foreign policy affect the economy in 1527?

Answer 4

In 1527, Wolsey attempted to pressure Charles V into supporting the annulment by imposing a trade embargo on the Burgundian lands. In retaliation, Charles kept english cloth merchants hostage. This resulted in an economic breakdown, widespread unempoloyment and inflation due to a bad harvest and recoinage by Wolsey.

Question 5

How did Wolsey attempt to raise money for war?

Answer 5

1. 1515 Act of Resumption, returned lands to the crown, in 1515 £15,000 was raised alone.
2. Forced loans. Wolsey forced land owners to give the government money in 1522 and 1523.
3. Clerical taxes.

Question 6

How much had crown yearly revenue fallen by in 1515?

Answer 6

£25,000

Question 7

When was the Amicable Grant?

Answer 7

1525

Question 8

What was the reason for the Amicable grant?

Answer 8

Henry wanted to take advantage of a vulnerable France and invade after the Battle of Pavia. The Amicable grant was supposed to help pay for this.

Question 9

How much did the Amicable grant charge?

Answer 9

1/3 of the Clergy’s property and 1/6 of the Ordinary people’s.

Question 10

Why was the Amicable grant disliked?

Answer 10

The amicable grant was not approved by Parliament and was instead being collected by Royal Decree.
People had 10 weeks to pay the tax and many could not afford it.

Question 11

What were the short-term consequences of the amicable grant?
[4]

Answer 11

1. Many people just blatantly refused to pay the tax.
2. In suffolk, a full-scale rebellion broke out of 10,000 people.
3. The tax had to be abandoned
4. Henry made peace with France.

Question 12

What were the long-term effects of the Amicable Grant?
[5]

Answer 12

1. Wolsey was humiliated and his reputation suffered. Wolsey had to take responsibility for the tax.
2. Wolsey was unable to raise further taxes.
3. Henry began to doubt Wolsey’s judgement
4. The position of Wolsey’s enemies were strengthened in court.
5. Showed that there were limitations in what the king could do without parliament.

Question 13

How much was crown expenditure between 1509 and 1520?

Answer 13

£1.7 million