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Mid-Tudor Crisis - Economy - Coggle Diagram
Mid-Tudor Crisis - Economy
end of Henry VIII
debasement of the coinage created a short-term artificial boom in 1544-46 but a long-term cost to living standards
peace had to be declared with France as neither could afford it, with Henry unable to fund the war with extraordinary revenue so borrowing large sums, selling Crown estate and debasing
Somerset
he continued debasing the coinage
raised £537000
heightened inflationary pressures and added to social distress
reinforced by a poor harvest in 1548
enclosure
set up a commission to investigate and issued proclamation against it, influenced by John Hales (root of problems
little was achieved other than raising expectations of the poor and annoying landowners
the rate of enclosure was already slowing down as his proclamation may have been wrong-headed
taxation
money was raised to pay for Scottish war, from land sales and borrowing which added to long-term Crown finance issues
drive for enclosure was profits from flocks of sheep to provide wool and cloth for export market so he intoduced a tax on sheep
intention to deter enclosure but created huge financial pressure on small farmers who had little choice but to rely on sheep
Northumberland
ended Scottish and French wars, reducing expenditure and bringing £133333 French payment for Boulogne
succumbed to a final debasement then abandoned the practice
Crown income was partly improved from unscrupulous Church revenue e.g. melting down a church plate for a billion
Water Mildmay produced an analysis of shortcomings of royal financial admin and plans were made for streamlining it
Mary I
rapidly increasing population and coin debasement contributed to inflationary pressures
1555+56 harvest failures brought severe food shortages and strain on real wages for the poor
seating sickness in 1557-8 had devastating impact
the plan for improving financial administration from Northumberland were implemented in 1554 despite Mildmay being on suspicion
Court of Exchequer took over Court of First Fruits and Tenths (funds gone to papacy previously) and Court of Augmentations (income from monastic lands), also adopting recent superior methods
financial admin under Lord Treasurer Winchester was competent
remitting final part of Edward's subsidy brought cheap popularity but at a financial cost
level of royal indebtedness rose but not dramatically considering they were at war with France
crown finances were booked by plans for recoinage drawn up 1556-58 and implemented efficiently under Elizabeth due to the thorough preparation
decline in cloth industry may have prompted poorer rebels to use Wyatt's rebellion as means of expressing economic grievances
start of Elizabeth I
reaped benefit of new Book of Rates in 1558, raising custom revenue
high mortality, high taxation, bad harvests and a cut in real wages meant severe social instability
central government had ineffective mechanisms for dealing with it, instructions issued to JPs and officials, or royal proclamations
offerings of private benefactors for poor relief continued
however no longer enough as Cecil was concerned that large numbers of homeless and unemployed could present as a threat to law and order
deserving poor (old, young, seeking work) were entitled to assistance to alleviate the condition but undeserving poor (beggars, vagrants) were entitled to be punished
before the reformation the Church were mainly responsible for poor relief but after, institutions were destroyed
parliament attempted to to deal with the issue with previous acts in 1552 and 55 and another in 1563 but they were largely ineffective with haphazard impact
a scheme withdrew debased coinage from circulation and replaced it with soundly minted coins, refraining from debasement for the rest of the century and ensuring the govt was no longer held responsible for inflation
some individuals suffered and prices continued to rise