Henry VIII: Wolsey's financial reforms Flashcards
What were Wolsey’s aims
- Manage finances so they were capable of achieving Henry’s policies
- Maximise revenues from the current system
Factors involved in Wolsey’s financial reforms
- Act of Resumption (1515)
- The Subsidy (1523)
- Reducing royal expenditure (1519, 1526)
When was the Act of Resumption passed
1515
What was the aim of the Act of Resumption
To return those lands offered to nobility at the beginning of Henry’s reign. This was done at the expense of the nobles
When was The Subsidy passed
1523
What did the 1523 Subsidy involve
- Replacement of 15ths and 10ths
- Preferred means of taxation because it was done at the expense of the nobility
How much did the 1523 subsidy raise
£200,000
How much did the 1523 subsidy AIM to raise
£800,000
How much finance was raised between 1514-1529 from subsidies compared to 15ths/10ths
£325,000 compared to £120,000
How did Wolsey reduce Royal Expenditure
1519 - Expulsion of the Minions
1526 - Eltham Ordinances
What year was the Expulsion of the Minions
1519
What did the Expulsion of the Minions involve
Dismissing the gentlemen of the Privy Chamber
What year was Eltham ordinances passed
1526
What did the Eltham Ordinances involve
Reducing the number of the Privy Chamber from 12 to 6
What year was the Amicable Grant
1525
