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Henry VII finance (His financial policies were a success (Henry avoided…
Henry VII finance
His financial policies were a success
Henry avoided war and therefore only spent 45,700 on military and naval expenses - hence keeping his Kindoms finance secure
By the end of his reign, Henry had recovered the debt left by Richard of York and left a surplus that funded a whole year of war under Henry VIII
Successful exploitation of the Crown Lands - Improving efficiency of the Treasurer of Exchequer meant income from crown lands went from 3000 in 1493 to 35,000 per year in 1505
He realised that an expensive foreign policy would be disasterous to the finances and therefore avoided it
Henry used fines such as Bonds and Recognisances not only to gain obedience from rebels and nobles but to improve his finances - rebels paid £14,700 over Henry VIIs reign
He claimed special payments from his nobles which helped to keep them in line and also improved the Crowns income
Wealth was in the form of possession - crown lands rather than cash - but lands meant wealth and could be used as a bargaining tool
Trade agreements - Intercursus Magnus
Extraordinary revenue
Benevolences
Clerical taxes
Loans
Parliamentary grants
Feudal obligations
The French pension
Ordinary revenue
Feudal dues
Bonds and recognisances
Crown lands
Custom duties
Henry's financial policies were not sucessful;
Collecting loans, bonds and recognisances caused resistance among teh Nobles
At the start of his reign, the Treasurer of Exchequer was inefficient
Henry didnt have much money in the bank
His income was very small compared to other European leaders