economy under Edward VI

• • General taxation was high to pay for the war in Scotland, causing massive discontent in the Southwest (Cornish rebellion)
  • The Vagrancy Act of 1547 branded people out of work for 3 days with a V and sold them into slavery for further lack of work
• Economic changes under Somerset:

  • Somerset was traditionally seen as the 'Good Duke', but economically things were not 'rosy'
  • Henry VII died with the country in a terrible state due to debasement of the coin, heavy expenditure, and lots of debt
  • Somerset dealt with debasement and the Scottish war by further debasing the coinage to pay for the war, causing inflation
  • Somerset opposed enclosure and wanted to outlaw it, but failed due to the sheep tax targeting large flocks, hitting the poor in the southwest
• Northumberland, also known as the 'Bad Duke', somewhat rehabilitated his image through his success in handling the economy
• He improved the state of royal finances in 3 ways:
• Ended Debasement:

  • Recalled the coinage to control inflation
  • Reissued coins with the correct amount of precious metal to increase their value
  • Decision to end debasement was made in 1551 but was delayed until 1560
  • Sold crown lands and Chantry lands to pay off debts
• Reduction in Expenditure:

  • Ended wars
  • Sold Boulogne
• Paying off debts:

  • Used Sir Thomas Gresham to negotiate favorable repayment terms with Antwerp for loans
• Repealed the unpopular Sheep Tax
• Imposed more successful anti-enclosure legislation to protect arable lands
• Used unscrupulous methods to improve finances:

  • Melted down church plate for bullion to be traded