Henry VII Economy

• Chamber system: Had the same function as the Exchequer but the king had direct supervision over it as it was a part of the royal household. Was faster than the exchequer.
• Crown Lands: Land held by the king by inheritance or confiscation from traitors. The amount of Crown land was 5 times larger by the end of his reign.
• Bonds: Written agreements of good behaviour, otherwise a fine would be issued.
• Recognisances: Formal acknowledgement of the debt that was agreed upon
• 1491: Friends of the Marquis signed bonds totalling £10,000 as a promise of good behaviour.
• Custom duties: A tax on imported goods to protect domestic producers from foreign competition.
• Prerogative duties: Export of wool, woolfells, leather and cloth
• Import and export: Tunnage(Wine) and Poundage and a subsidy on wool exported to England.
• profits of Justice: Fees paid for Royal writs and letters and court could not be actioned without one.
• Parliamentary Grants: Help the king when the national interest was threatened.
• Basic Tax: 1/15 of the value of goods in rural areas and 1/10 in Urban areas.
• Loans: From richer subjects in times of emergency. Estimated £203,000 gained through Henry's reign.
• Benevolances: A type of forced loan with no repayment.
• 1491: Henry raised £48,500 to take an army to France.
• Clerical taxes: Above board, convocations such as Archbishop of Canterbury voted £25,000 for the French war.
• Feudal Obligations: A due was levied on special occasions. £300,000 was levied on the knighting of Prince Arthur.
• The French Pension: Part of the 1492, Treaty of Etaples. It was a bribe to remove English army from France. £159,000 to be paid in annual amounts of £5,000.