Economic Changes under Somerset (1547–1549)

What were the issues that Somerset inherited?

Somerset inherited a kingdom in deep financial trouble from Henry VIII, facing:

• Debasement

• Heavy expenditure

• Debt

How were Somersets policies defined?

Somerset's policies were defined by his commitment to the costly war against Scotland

Destructive Financial Policies (Continuation of Henry VIII's legacy)

What disastrous policy did Somerset continue from Henry?

Somerset continued Henry VIII's disastrous policy of debasing the coinage to fund the war against Scotland

How much did the debasement raise?

This raised a substantial sum of £537,000 by the end of 1551

What was the effect of the debasement?

• This action heightened the inflationary pressures and contributed significantly to the social distress and a marked reduction in real wages for many people

• Somerset's overriding concern with the Scottish war led to continued heavy military spending

Overall how much did the campaign against Scotland cost and how long did it last?

Campaigns in Scotland between 1547 and 1549 cost £580,393

How did Somerset and Government react to the spending?

• Somerset attempted no reforms of the Government's finances

• The government continued the sale of Crown lands, which raised large sums but meant the government would raise less from rents every year and compromised its long-term security

Agrarian and Social Economic Policies

What were Somersets Agrarian and Social Economic Policies?

• Somerset was heavily influenced by Commonwealth men who believed enclosure was the cause of many economic problems

• Somerset was influenced by John Hales and set up a commission to investigate enclosure and issued a proclamation against enclosure

What was the impact of this enclosure policy?

This policy achieved little apart from raising the expectations of the poor, and annoying landowners

When and what tax did Somerset introduce And what did it aim to introduce?

• Somerset introduced a special tax on sheep in March 1549, aiming to deter the conversion of land from arable to pasture

What was the impact of the tax?

• This failed social experiment created huge financial pressure on small farmers in upland areas who relied on sheep for subsistence, particularly on marginal highlands like Exmoor and Dartmoor

• These policy issues were compounded by a poor harvest in 1548