How did Henry VII improve royal finances?

An introduction to any question on this must include the following. Henry needed wealth for three reasons. 1. He could use money to reward loyal service (links to controlling the nobility) 2. He could bribe potential opponents 3. He could fund armies if necessary (this explains why he was able to quell rebellions and pretenders). HOWEVER, he also realised how precarious his position was and, as such, knew that any attempt to implement new ways of raising revenue could lead to a rebellion so he had to be careful.
Historians who paint Henry VII a miser/financial genius who accrued wealth
1. Element of truth in this as he did modernise the way the king collected money more than his predecessors. However, at his death he was solvent and no more. The image of Henry as a financial genius was first put about by Francis Bacon in the 1600s and the myth grew from there.
2. Henry VII died solvent and left a small legacy to Henry VIII. However, by comparison, Henry VII's annual income by 1509 was £113,000, the King of France's income was in the region of £800,000p/a. His predecessor on the English throne, Richard III received £120,000p/a and, Henry VIIs Crown income was not close to its highest previous level of £160,000p/a during the reign of Edward III (1327-1377)
3. Research by Tracy Borman, published in 2016 concludes that Henry VII saw wealth as a demonstration of power and wasn't afraid of spending money when he needed to, claiming he spent the modern equivalent of around £3m on his wardrobe!
Did Henry VII revolutionise royal finances?
1. Not entirely. He merely tightened up existing systems and ensured that he received money that was due (This is a good example of personal monarchy). A good example of tightening up the system is the way in which he moved financial administration from the Exchequer (old inefficient system of collecting monies) to the Chamber system (more streamlined, run by his own personal appointees, more efficient and gave him more personal control.
Did Henry VII stabilise royal finances?
1. This is possibly the best conclusion to come to in an essay, in that, after 30 years of civil strife, Henry put the Crown in a more stable financial position
  1. He rigorously pursued monies that were owed to him, even if they were dues that had not been levied for some time (eg feudal dues pursued through the Council Learned etc)
  2. He didn’t get involved in expensive foreign wars and was sparing in asking for extraordinary revenue (eg the £48,000 benevolence to invade France in 1491).
  3. Henry was a king who liked “many persons at great danger at his pleasure”. Eg, using financial penalties (such as B&R) to keep the nobility under control as well as providing him with much needed revenue (B&R ranged from £400 to £10,000).
Where did Henry's reputation as a miser come from?
1. It’s at the end of the reign, perhaps when Henry has worries about the succession and is feeling isolated in European affairs, that we see Empson and Dudley take over the Council Learned and Henry’s reputation as a miser grow.
  1. E&D ruthlessly exploited every avenue of revenue collection. Between 1504-1508, it’s estimated they collected some £220,000 for the Crown by ruthlessly exploiting the King’s rights. Is it any wonder that the pair were amongst the most hated men in England and were executed in front of a gleeful crowd in 1510, just after Henry VIII comes to the throne?

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How did Henry VII improve royal finances?

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