14-The Social impact of religious and economic change under Edward VI

Late Henry VIII’s reign: Inflation increased rapidly, reducing real wages, particularly for lower incomes.
Somerset's Reign:
- Inflation worsened under Somerset.
- Somerset's debasement policy continued (to finance the war in Scotland).
- 1547-1549 Campaigns: Cost £580,393, with only £537,000 raised.
- Heightened inflationary pressures added to social distress.
- Poor harvest in 1548 reinforced inflationary pressures.

Somerset influenced by John Hale, who argued that enclosure was the root cause of economic and social problems.
Like Wolsey, Somerset agreed to set up a commission to investigate and issued a proclamation.
Outcome:
- Commissions were appointed, but little was achieved.
- Raised expectations among the poor and annoyed landowners.
- Despite the controversy, the rate of enclosure slowed down.

Main Issue: Money had to be raised to finance the war against Scotland.
- Mostly financed by land sales and borrowing, adding to long-term financial problems for the crown.
- The main driver of increasing enclosure was the potential profit from converting land from arable to pasture for sheep grazing, which supported wool and cloth exports.
Somerset’s Tax on Sheep:
- Introduced to deter enclosure, but the main effect was financial pressure on small farmers in upland areas, who depended on sheep for subsistence.

Northumberland achieved a measure of stability in the national finances.
Brought an end to the wars against Scotland and France.
Crown income improved, though some of this was achieved through unscrupulous methods (e.g., melting down church plate for bullion).
Under Walter Mildmay’s influence, a commission analyzed royal financial administration and proposed streamlining efforts (which didn’t come to fruition until Queen Mary’s reign).

Military and Household Expenditure:
- Reductions in military and household expenditure.
- Boulogne returned to France as part of the peace settlement.
- Garrisons were withdrawn from Scotland, though expenditure on the navy and fortifications continued.
- Commissions were established to inquire into finances, and stricter financing methods were enforced by Winchester.
Challenges:
- Northumberland needed to maintain tight control over finances while rewarding supporters with land grants and sales.
- Ordinary income was not increased, despite expenditure cuts.
- Boulogne brought in £133,333 from the French payment for its return.

Debasement of Coinage:
- Final debasement occurred in 1550 but was abandoned in April 1551.
- Proclamations were issued to reduce the value of the coinage, but the practice was not ended until 1551.
- Even then, Northumberland did not call in debased coinage or replace it with properly minted coins.
- Northumberland merely encouraged people to trust the coinage without providing a concrete reason to do so.

The collapse of the Antwerp market caused further economic issues, particularly affecting the cloth trade.

Worst Debt: In 1550, the Crown owed £300,000.
Debt Reduction: By 1554, the debt had been reduced to £180,000.
To achieve this reduction:
- Continued sales of Crown and chantry lands raised £100,000 and £110,486, respectively.
- Parliamentary taxes raised £336,000.
- Debasement (up to 1551) raised £537,000.
- Clawing back debts owed to the government: £16,667.
Sir Thomas Gresham was authorized to pay off royal debts in the Antwerp market:
- Gresham successfully paid off debts in 2 years, renegotiating loans at 12% interest (compared to the 16% interest charged to the Emperor).