Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economy Edward VI (Economic Changes under Somerset (Inflationary pressures…
Economy Edward VI
Economic Changes under Somerset
Inflationary pressures
Rapid inflation from Henry VIII
Reduction in real wages particularly for lower wages
Continued debasement to finance war against Scotland - raised £537,000
Agrarian issues
Enclosure
Believed it was a root cause of social + economic problems and set up a commission to investigate the problem like Wolsey had
Little achieved except raised expectations
Rate of enclosure seemed to be slowing down anyway so this just annoyed landowners
Harvest Failure
1548
Taxation
Great discontent
Somerset put a tax on sheep as the shifting of land from arable to pasture was believed to be a key cause of enclosure
However, this damaged small farmers in upland areas who had no choice but to rely on sheep for subsistence
Land sales + borrowing hurt crown finances (Scottish War)
Economic Changes under Northumberland
Achieved stability after Henry VIII's finances
Ended wars against France + Scotland
Reduction in expenditure
£133,333 French payment for Boulogne
One debasement
But then ended the practice
Crown income improved
Some of this was from increased income from the Church through immoral methods
Melting of church plate for bullion
The influence of Walter Mildmay led to a detailed analysis of the shortcomings of royal financial administration + plans were made for streamlining
Most of these did not come into action until the reign of Mary I