Economic Changes under Northumberland (1550–1553)

What were Northumberland’s economic aims?

Northumberland showed a determination to stabilise the Crown finances, achieving a measure of stability in the national finances

Financial Stabilisation and Reform

What was the first step that Northumberland did and why?

• Northumberland brought an end to the wars against Scotland and France

• This ensured a considerable reduction in Crown expenditure

What Treaty helped England get money?

• The Treaty of Boulogne (March 1550) brought in £133,333 as a French payment for the return of Boulogne

What did Northumberland do with debasement?

• Northumberland did one final debasement (up to 1551, raising £537,000) but then abandoned the practice

• He did not, however, call in and replace the debased coinage, which was done later in 1560

Who did Northumberland appoint to reform finances?

• He appointed William Paulet, Marquis of Winchester, as Lord Treasurer (February 1550) to reform the finances

• Plans were made for the streamlining of financial administration, although most reforms were not fully implemented until Mary’s reign

What steps with the military did Henry take?

• Drastic cuts were ordered in military and household spending

How much did debts reduce?

Debts, which peaked at £300,000 in 1550, were reduced to £180,000 by 1553

Who was partially responsible for the debt reductions

This was partly achieved by Sir Thomas Gresham, who paid off all of the government’s Antwerp debts

Agrarian and Social Policy Shift

What was Northumberland’s attitude w]toward agricultural policies?

Northumberland deliberately reversed Somerset’s unpopular agrarian measures

What agricultural reforms did Northumberland not continue (include dates)?

• Northumberland did not continue Somerset’s anti-enclosure measures; commissioners were withdrawn and existing enclosure legislation was enforced

• The unpopular sheep tax was repealed in 1550

What act were reapealed?

• The severe 1547 Vagrancy Act was repealed, although provisions for the care of the disabled poor were retained

What actions were taken with grain control?

• Grain Control: By 1551, the government took action to control stocks of grain to relieve the crisis caused by harvest failures

What legacy did Northumberland leave behind?

Northumberland was credited with leaving "healthy finances, a stable domestic and foreign situation" upon his fall, a stark contrast to Somerset's "financial débacle".