Edward's Economic changes

• What economic factors brought about revolution under Somerset?

  Inflation, Agrarian issues (enclosure and harvest failure), and Taxation
• Why was inflation so bad?

  Due to Henry VIII who reduced real wages
• What was Somerset's approach to economic issues?

  He followed Henry VIII and continued to debase the coinage to finance the war against Scotland, which heightened inflation and social distress
• When was inflation increased even more and why?

  in 1548 due to a bad harvest
• How did Somerset try to address the agrarian issues?

  He set up a commission to investigate enclosure like Wolsey
• What was the impact of these Enclosure commissions?

  The poor's expectations were raised and landowners were annoyed but the rate of enclosure seemed to have slowed
• How did Somerset make the issue of taxation worse?

  He continued the war with Scotland which was financed through taxation, land sales and borrowing, which made the Crown's finance worse.
• Why was enclosure increasing?

  People wanted to convert land from arable to pasture to graze sheep because people thought it was more profittable
• Why did Somerset introduce the sheep tax?

  To deter enclosure
• Why did Somerset's sheep tax fail?

  It increased financial pressure on small farmers who relied on sheep for subsistence
• How did Northumberland bring about financial stability?

  He ended the wars with France and Scotland, and secured the payment of £133,333 for the return of Boulogne
• What were the limitations of Northumberland's financial policies?

  He debased the coinage for the last time and continued to strip the Church of its wealth e.g. melting down church plate for bullion
• What did Mary benefit from Northumberland's financial policies?

  The streamlining of royal financial administration, which was influenced by Walter Mildmay