Economy

• give 3 main points about the economy under Somerset


  - inflationary pressures

  - agrarian issues (bad harvest and enclosure issues)

  - taxation
• inflation had rapidly increased during ....... and this brought about a marked reduction in ........ affecting the ..... the most


  inflation had rapidly increased during the later stages of Henry VIIIs reign and this brought about a marked reduction in real wages affecting the lower income people the most
• what did inflation bring down?

  real wages
• which disastrous policy from Henry VIII did Somerset continue with the economy?

  debasement
• why did Somerset continue with debasement of the coinage?

  to finance war with scotland
• how much did debasement raise under Somerset to finance war with Scotland?

  £537,000
• although Somersets debasement raised £537,000 what did it heighten/make worse?

  inflationary pressures and added to social distress
• when was the a poor harvest in Edwards reign?

  1548
• who was somerset influenced by on enclosure?


  writer John. Hales
• what did writer John Hales have to say about enclosure? (somerset was heavily influenced by Hales)


  hales argued that enclosure was the root cause of many of the countrys social and economic problems
• what did writer John Hales argue was the root cause of many social and economic problems?

  enclosure
• what did Somerset do as a result of John Hales argument about enclosure?


  somerset set up a commission to investigate the problem and issued a proclamation against enclosure
• under somerset, through what methods was the Scottish war mainly financed?


  land sales and borrowing (simply added to long term problem of crown finance)
• what tax introduced by somerset was designed to deter enclosure?

  sheep tax
• what did somerset's sheep tax do (more than deter enclosure)


  created huge financial pressure on small farmers in upland areas who had little choice but to rely on sheep for subsidence
• what did Northumberland (overarching) achieve in terms of economy? overaching achievemebt

  a measure of stability in the national finances
• what did northumberland do with the wars with Scotland and France?

  brought them to an end
• how much money under Northumberland was received from the French as a payment for the return of Bolougne?

  £133,333
• what £133,333 was to do with Northumberland?


  French payment for the return of Bologne
• what did Northumberland do with debasement÷


  succumbed to one final debasement before abandoning it
• what happened to crown income under Northumberland?

  improved
• how was some of the Crown income under Northumberland raised? (dodgy methods)


  increasing revenue from the church by unscrupulous methods including melting down church plate for bullion
• what dod Walter Mildmay do?


  under his influence a commision produced a detailed anaysis of the shortcomings in royal financial administration and plans were made for streamlining of financial administration although most of these did not come into fruition until Mary I.