Economic changes under Edward

what issues was Somerset facing?

Inflation, agrarian issues, poor harvests, enclosure & taxation

Inflationary pressures had been increasingly rapidly during H8s reign bringing about a reduction in real wage, this ….

grew worse under Somerset

A poor harvest in 1548 reinforced…

inflationary pressures even more

Enclosure was seen as the root cause of many…

social & economic problems

Somerset continued H8s disastrous policy of …

debasing the coinage

why did Somerset continue debasing the coinage?

in order to finance the war against Scotland

Somerset set up a commission to ….

investigate enclosure

how did Somerset raise funds to finance the Scottish war?

through land sales & borrowing

Somerset continued heavy military…

expenditure

Boulogne ….under Somerset

continued to be fortified

Somerset introduced a …to deter enclosure

tax on sheep

Somerset introduced a tax on sheep to …

deter enclosure

Somerset attempted no…

reforms of the government’s finances

how much did debasement raise under Somerset

£537,000

debasement under Somerset heightened…

inflationary pressures & added to social distress

what was the result of Somerset’s enclosure commission

Little was achieved -  raised expectations of the poor & annoyed landowners

what was the impact of taxation under Somerset

caused great discontent

what was the impact of land sales & borrowing under Somerset?

added to the long-term problems of Crown finances

what was the impact of Somerset’s sheep tax

placed huge financial pressure on small farmers in upland areas who had little choice but to rely on sheep for subsistence

How much did Somerset’s Scottish campaigns cost?

£590,393

Northumberland inherited…

a dire financial situation

Northumberland brought an end to…

Brought an end to wars against Scotland & France

drastic reductions were ordered in … under Northumberland

military & household expenditure

Expenditure on the …continued under Northumberland

navy & fortifications

what was Northumberland’s actions on debasement?

Proclamations were issued to reduce the value of the coinage in 1550 but the decision to end debasement was not taken until April 1551

how did Northumberland increase revenue from the church

through unscrupulous methods (e.g. melting down church plate for bullion)

Northumberland continued the sale of …to pay off debts.

Crown & chantry lands

how did Northumberland plan to reform crown finances

Marquis of Winchester was appointed Lord Treasurer in Feb 1550 with the task of reforming finances

A commission was produced under Northumberland. It was a detailed analysis of …

shortcomings in royal financial administration & plans were made for the streamlining of financial administration

…was authorised by Northumberland to pay of royal debts on Antwerp market

Sir Thomas Gresham

Sir Thomas Gresham was authorised by Northumberland to …

pay of royal debts on Antwerp market

In only 2 ½ years Northumberland managed to…

improve the government’s position significantly.

did Northumberland succeed with debasement?

Ended debasement, but did not take the measures to restore full confidence in the currency

Northumberland substantially reduced …

gov expenditure

Northumberland achieved a measure of …

stability in national finances

Northumberland ended foreign wars which…

ensured a considerable reduction in Crown expenditure & brought in £133,333 as a French payment for the return of Boulogne

Despite Northumberland’s commission, …

streamlining of financial administration was not put in place until Mary

how was Northumberland successful with the crown’s debts

The debts at their worst in 1550 at £300,000 were reduced by 1553 to £180,000

how much did Northumberland gain from selling the crown lands?

£100,000

how much did Northumberland gain from selling the chantry lands?

£110,486

what was the problem with Northumberland selling the crown & chantry lands?

once sold the lands no longer contributed to the crown’s ordinary income

how was Northumberland successful with the Antwerp debts?

Antwerp debts paid off within 2 years & loans renegotiated at 12% interest whilst the HRE was borrowing at 16% 

did Northumberland succeed with crown debt?

Reduced debt but weakened the government's long-term financial position in the process.