Failures [E6 Economy]

By how much did the Crown's annual income increase when Somerset became regent?

Annual income increased by £5,000

How much did the Scottish military campaigns cost England between 1547 and 1549?

Cost England over £580,000

What financial measure was taken between 1547 and 1549 to fund the Scottish war and what economic issue did it cause?

• Coinage was debased to finance Scottish War

• Caused severe inflation

To what massive total figure had the accumulated Crown debts amassed by the year 1550?

Amassed to £300,000

What total valuation of Crown lands was sold off and what negative long-term effect did this have on royal finances?

• Crown lands totalling $800,000 sold

• Limited ordinary income from Crown lands

Which two major regional insurrections of 1549 demonstrated the fierce public opposition to government taxation?

• Kett Rebellion driven by socio-economic factors

• Western Rebellion opposed to the Sheep Tax

How much debt did Henry VIII leave behind due to Antwerp trading failures and what happened to that market by the early 1550s?

• H8 left a debt of $100,000

• By the early 1550s the cloth trade market had collapsed

What radical measures had to be taken regarding religious assets to actively pay off the amassed royal debts?

Church and monastic metals had to be melted down

What specific housing and land costs increased for the working population as a direct result of inflation?

Rents had increased

What was the exact total cost incurred by Somerset to maintain military garrisons inside Scotland?

Garrisoning Scotland cost Somerset over £351,000

What environmental event occurred in 1548 that further added to the country's severe inflationary pressures?

Poor harvest

What land practice remained highly problematic for Tudor society and how effectively did the government address it?

• Enclosure was problematic

• No solutions were found

What widespread political reaction was provoked by the government's implementation of high levels of taxation?

Provoked deep hostility towards Somerset and the Government