9301020
Description
Flashcards by Karima Ranieri, updated more than 1 year ago
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Created by Karima Ranieri
over 7 years ago
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| Question | Answer |
| What were Henry's financial aims? | - Restoring the Crown's financial strength. - Needed financial security for stability. - He could use the money to ensure loyalty by rewarding loyal service, bribing potential opponents and fund armies if necessary. - Consolidate his power. - Put down unrest. |
| Financial administration role of The Chamber | - 1487 - Henry realised the limitations of the Exchequer and restored the use of the Chamber system. - Chamber: responsible for the king's private income. - Role in managing: crown lands, feudal dues, profits from justice and the French pension. - Handled all income except customs duties (remained under the Exchequer) |
| Ordinary revenue Where did it come from? | - Came from crown lands, customs and profits from justice and feudal dues. |
| Ordinary revenue Crown lands Success | - Most important source of ordinary revenue was from crown lands. (1486 Act of Resumption) - Income from crown lands rose from £29,000 on the death of Richard to £42,000 by 1509. |
| Ordinary revenue Custom duties Failure | - Customs duties provided 1/3 of the Crown's ordinary revenue. - Henry tried to block many loopholes in the custom system, however smuggling continued and income from customs did not increase. - The average annual receipts were about £33,000 for the first ten years, and £40,000 thereafter. - Under Edward IV custom duties brought in about £70,000 per annum. |
| Ordinary revenue Profits of justice Success | - Legal fines made a significant contribution to Henry's income, it ensured that most criminal acts, including treason, were punished by fine rather than imprisonment or execution. - E.g. Cornish rebels or Earl of Northumberland, who was fined £10,000 for raping a royal ward. - Acts of attainder: Sir William Stanley paid the Crown £9000 in cash and £1000 per annum in this way after his treason in 1495. - Therefore this system brought in much more profits overall. |
| Ordinary revenue Feudal dues Success | - Income rose dramatically. - Henry fully exploited the income from wardship and marriage, livery and the fine of 'relief'. - Result: income rose from under £350 per annum 1487 to over £6000 in 1507. |
| Extraordinary revenue where did it come from? | - Came from parliamentary taxation, loans and benevolences, clerical taxes, feudal obligations, Bonds and recognisances and the French pension |
| Extraordinary revenue Parliamentary grants Success | - Requested for assistance in 1487 to pay for the Battle of Stoke. - 1489 to go to war against the French. - 1496 to defend the throne against attack from the Scots and Perkin Warbeck. - Some money used to suppress the Cornish rebellion. |
| Extraordinary revenue Loans and benevolences Success | - 1496: Henry needed extra cash to defeat Warbeck and the Scots. - Henry appealed to his landholding subjects, asking for modest sums like £10,000. - No evidence of resentment. - Henry was to repay them anyway as, if not, they would be more likely to support a rival claimant. - 1491: Henry raised a forced loan when he intended to take his army across the Channel to protect Brittany from French aggression; this produced £48, 500. |
| Extraordinary revenue Clerical taxes Success | - Henry was also able to raise money from Church. - Church would often make a contribution when parliament had granted the king money. - 1489: Church raised £25,000 towards the expedition to France. - Other methods to extract money: Henry sold church offices (simony), leaving bishoprics vacant so that he could claim revenue, making over £6000 per annum. |
| Extraordinary revenue Feudal obligations Success | - King had the right to demand feudal aid on special occasions, such as the knighting of his eldest son Arthur which brought in £30,000, the marriage of his eldest daughter Margaret to James IV. |
| Extraordinary revenue The French pension Success | - As part of the Treaty of Etaples in 1492, Henry negotiated a pension from the king of France. - Henry was promised £159,000 to compensate him for the cost of the war, a sum to be paid in annual amounts of about £5000. |
| Extraordinary revenue Bonds and recognisances Success | - This practice meant paying a sum of money to the Crown as a guarantee of their future good behaviour. - Bonds = written obligations, where people promised to perform some specific action on pain of paying money if they failed to carry out their promise. - Recognisances = formal acknowledgement, these were actual debts or other obligations that already existed. - First decade of his reign: 191 bonds were collected, rising to well over 200 in the later years. - Receipts from bonds rose from £3000 in 1493 to £35,000 in 1505. |
| Overall result: Success or failure? | - Crown income had risen to about £113,000 a year and restored the solvency of the crown. - However, income of the French king was £800,000. |
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