REVENUE AND HENRY VII

what time period used the exchequer?

medieval

What did the exchequer do?

audit money

Why were lots of people employed for the exchequer?

to minimise the risk of embezzlement and corruption

What were the issues with the exchequer?

inefficient, audits can take years and the crown never knows how much money it has

Who created the chamber system?

Edward IV

How did the chamber system work?

king does the finances himself with the help of a few trusted nobles

What were the strengths of the chamber system?

fast, not corrupt, flexible, informal

What is the overall government income in 1509?

£113,000

How much money did crownlands generate in 1485 compared to 1509?

£12,000 vs £42,000

How much money did customs generate in 1485 vs 1509?

£33,000 vs £40,000

How much were feudal dues in 1485 vs 1509?

£350 vs £6000

Why did Henry VII initially use the exchequer?

his main concern was survival

Why did Henry stop using the exchequer? (plus example)

worsening financial issues, eg under Richard III crown lands generated £25,000 at the start of Henry’s reign this was £12,000

What were the only aspects the chamber didn’t deal with?

custom dues and accounts of the sheriffs`

Why did members of the gentry help in the Chamber?

loyal as they owe their positions to Henry, also have financial acumen

When does Henry start to use the chamber system?

1487

Who were the two treasurers of the chamber in Henry’s reign?

Sir Thomas Lovell and Sir John Heron

What did Henry do to the accounts?

personally signed them

How many years did it take Henry VIII to spend the excess revenue?

two years

What was the value of the plates and jewels that Henry VII left?

£300,000

What palace did Henry build?

Richmond

How much money did Henry spend on diplomacy with Emperor Maximillian in the years 1505-1509?

£342,000

What did Henry spend money on?

lavish courts, warfare, mercenaries, castles, diplomacy

How did Henry save money?

cut back on his court, avoid foreign wars, limit peerage and utilise fines and feudal rights for money

How much money did Henry pay to a child playing the recorder?

£1

In may 1941 how much did Henry spend on cloth of gold, pearls and precious stones?

£3800

How many times did Henry update ‘ The book of rates of customs duties’?

it was updated twice

How much money was recieved from the justice courts in the years 1504-1517?

£200,000

What are the two types of revenue?

ordinary and extraordinary

How/Why does Henry receive gifts from the church? plus example

money usually given to the church which goes to the pope which in exceptionl circumstances goes to Henry, In 1489, he got £25,000 from the church

What is an example of Henry selling church positions?

Arch deaconry of Buckinghamshire was sold for £300

How did the treaty of Etaples contribute to Henry’s revenue?

The french agree to pay the English £160,000 to leave France

How many nobles were made to sign acts of attainder?

36 out of 62

What happened to Thomas Grey, Marquess of Dorset?

he paid £1,000 for a recognizance

What happened to Thomas Tyrell?

had to pay nearly £2,000 to get an attainder reversed

How did Henry confiscate lands from yorkists?

Passes the act of resumption in 1486, then rents the lands back out

How did Henry gain money from feudal aid/relief?

it varied yearly but an inheritance tax from when the eldest son is knighted, inherits lands or gets livery. Formalised in the statutes of uses

How did Henry gain money from marriages?

have to ask permission to be married, if you break that you are fined

What is an example of henry gaining money from a marriage?

In 1496, dowager duchess of Buckingham (sister of Elizabeth Woodvylle) is fined £7,000

What is an example of Henry gaining money from a wardship?

In 1487, Henry got £350 from a wardship and marriage combined, by 1507 this had risen to £6,000 a year

How does Henry get money from Wards?

They are taken in by him and in return he takes money from and manages their estates

What is an example of a one-off feudal due?

payment of marriage of margaret to James IV, nobles paid £30,000 to knight Prince Arthur

What is an example of Henry making money off of the judicial system?

Earl of Northumberland fined £15,000 following rebellion

What is a monarch granted at their first parliament?

tonnage and poundage

What does Edward Iv get in customs compared to Henry VII?

£70,000 vs £40,000

Why does the amount of money Henry gets from customs lower than Edward?

increased amount of smuggling, isolationist foreign policy

Why doesn’t Henry raise parliamnetary grants of taxation often?

it incites rebellion, only uses it as a necessity to help with foreign policy. eg yorkshire and cornwall