Henry's Financial Policy

• When was the Act of Resumption passed?

  1486
• What was the effect of the Act of Resumption?

  It recovered all the crown land that had been granted away since the start of the Wars of the Roses in 1455 under the guidance of Reginald Bray, so that Henry had 5 times the amount of crown land in 1509 than the 1450s
• How did annual income from crown lands increase?

  It increased from £12,000 in 1486 to £42,000 in 1508
• What counted as feudal dues?

  • Marriage
  • Wardship
  • Livery
  • Relief
  • Echeats
  • Aids
• How did profit from marriage and wardship increase?

  It rose from £350 in 1487 to £6000 in 1509
• What good were custom duties levied on?

  • Wool
  • Leather
  • Cloth
  • Wine
• What were average receipts in Henry's reign?

  £33,000 for the first 10 years, then this rose to £40,000 for the rest of his reign
• What were average receipts in Edward's reign?

  £70,000
• How much money was collected per subsidy from a parliamentary grant?

  £29,000
• How much money did Henry raise through loans in 1485?

  £10,000
• How much money did Henry raise through loans throughout his reign?

  £203,000
• How much money did Henry receive per year from vacant bishoprics?

  £6000
• Why was Henry unsuccessful in exploiting income from vacant bishoprics?

  He only left a bishopric vacant for a maximum of 12 months
• How much was the pension paid by France to Britain under the Treaty of Etaples?

  £159,000
• In 1491, how much money was raised to fund the invasion of France?

  £48,000
• What did Henry use originally to administer crown finance?

  The Exchequer
• How was the Exchequer poor at administering crown finance?

  It was slow in collecting money and auditing accounts
• When did Henry revert to the Chamber system to administer crown finance?

  1487
• How did this affect the administration of crown finance?

  • The Chamber handled all income except custom duties
  • The Treasurer of the Chamber and the Gentlemen of the Bedchamber had an increased importance
  • Henry had a much closer control of his finances
• When did Henry update the Book of Rates of Custom Duties?

  1496
• Why did Henry update the Book of Rates of Custom Duties?

  To increase custom revenue and reduce the privileges of foreign merchants