Economic Development

• Trade:

  • volume of trade increased with occasional downturns
  • Woollen cloths exports almost doubled over reign
  • Mainly from London to Antwerp, decline in Bristol port
  • Serious profits made by cloth entrepreneurs
  • Growth in mining inndustries. Tin, lead and coal.
• Exploration:

  • H8 was uninterested and made no attempt to explore
  • Merchants who were interested in further exploration were unable to win royal support
  • Only success was Robert Thorne and involvment in New Found land Fishery
• Prosperity and Depression:

  • Population grew significantly from 1925 and a decline in the rate of mortality
  • Agricultural prices rose, increasing profits for farmers
  • BUT, Bad harvests in 1520 and 27 meant food prices doubled across H8's reign
  • Debasement of coinage caused serious inlfation and a fall in real wages, 1540's