Breadth Study- Finance

Finance under Henry IV

Duchy of Lancaster contributed an average income of £11,000pa. £1120 was given to the government. Had a total income of £90,000pa.

High defence costs- rebellions in Wales and Scotland

Finance under Henry V

War in France was expensive- Parliament expressed unease about the state of royal finances.

Marriage to Catherine of Valois- receive an annual income of 200,000 crowns as part of a marriage settlement.

Accumulated debts of Henry V and Henry VI meant that the crown was in debt of around £225,000

Gains land in France to distribute to his followers. Parliament grants him tonnage and poundage for life

Finance under Henry VI

During Henry VI’s minority: £25,000 spent on regular defence £23,000 on administration. Crown revenues running annual deficit of nearly £16,000. Was dependent on loans from many of his leading subjects.

Duchy of Lancaster was forfeit to the crown and held by the Kings of England.

1453: only ¾ of taxes were collected

£372,000 in debt by 1450

Lack of strong leadership during Henry VI’s minority and later his mental instability

Finance under Edward IV

Treaty of Picquiny in 1475: £10,000 a year in pension

1461- Act of Resumption: Added extra £30,000 to the crown income

Total income was £60,000per annum

Taxation for war from 1472- 1473: only ½ of the money was collected- resentment

Better financial management than Henry VI

By 1483- had no debts

Richard III

(no real figures- can avoid in breadth essay)

did not demand many taxes

Paid for EIV’s funeral out of own money

Finances under Henry VII

Act of Resumption: gave him £42,000 income from royal lands in 1509. Total income was c£100,000 pa.

Chamber- was the centre of royal finances

At the start of his reign: Duchy of Lancaster income of £650pa. By 1509: £7000pa

Collected feudal rights but contributed to only small % of royal income.

Income from bonds.