economy under somerset & Northumberland

• Factors that brought about discontent during somersets time in power:

  • Inflationary pressures (from debasement)
  • Agrarian issues, particularly enclosure and harvest failure
  • Taxation (needed to fund war against scotland)
• Somerset worsened these problems. 

  • He continued debasing the coinage in order to finance the war against scotland. This raised £537,000 
  • But this heightened inflation and added to the social distress
  • A poor harvest in 1548 once again worsen inflation 
• Somerset thought that enclosure was a pivotal issue.

  He set up a commission to investigate it that did very little.

  issued a proclamation against enclosure which was unnecessary as the rate of enclosure was falling.

  He then introduced a sheep tax to deter enclosure which only worsened conditions for small farmers.
• Northumberland managed to somewhat stabilise the economy. 

  Ended the wars against Scotland and France. 

  • This reduced crown expenditure 
  • It also brought in £133,333 from france as compensation for giving back Boulogne 
  • Northumberland briefly practised debasement but the abandoned it

  Crown income improved, largely due to using unscrupulous methods on the church, including melting down church plate for Bullion 

  Plans were made for the streamlining of financial administration. 

  However the reforms didn’t come into effect until the reign of Mary I. 
• The Church wardens accounts showed that less money was being lef tot the church in wills