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WOLSEY'S FINANCIAL & ECONOMIC REFORMS - Coggle Diagram
WOLSEY'S FINANCIAL & ECONOMIC REFORMS
AMICABLE GRANT
Rebellion arose in East Anglia, and widespread non-payment across the country - anger that the tax hadn't been approved by Parliament, reinforced by the forced loans in 1522 and 1523 that hadn't been repaid, and subsidy of 1523 which was still being collected.
Henry VIII suspended the Grant in response to the unrest, stating this "his mynd was neuer, to aske any thyng of his commons, which might sound to his dishonor, or to the breche of his lawes".
March and April 1525, sent out commissioners to collect. Tax laity at between 1/6 and 1/10 of value of goods owned, clergy at 1/3. Gave people ten weeks to find the necessary money.
Wolsey was forced to begin admitting exceptions to tax - more regions demanded they should be exempted.
An additional tax Wolsey demanded to fund Henry's expedition to France, which would be taken from both the Church and ordinary taxpayers based on his valuations of their property.
SUBSIDY REFORMS
Used this to gain £200,000 in forced loans in 1522-23, but it wasn't enough in a period of inflation and expensive foreign policy.
When the method of collected was changed from local commissioners (who would be overly kind to the nobility and gentry) to a national committee, he gained £322,099 in revenue.
In 1522, organised a national survey to assess who could pay tax and how much. First systematic investigation into national finances since the Domesday Survey of 1086.
Wolsey wanted subsidy to replace fifteenths and tenths. More realistic, based on more accurate valuations of taxpayers’ wealth.
ELTHAM ORDINANCES, 1526
Secured removal of Henry's Groom of the Stool, Sir William Compton, replacing him with more compliant Henry Norris.
Once achieved greater control, reforms allowed to lapse.
In guise of pushing forward proposals for reduction of royal household expenditure, Wolsey secured reduction in number of Gentlemen of Privy Chamber.
Historian Peter Gwyn has argued the purpose was primarily financial.
Wolsey tried to reform the royal household to ensure his political supremacy, claimed trying to reform finances of Privy Council.
According to David Starkey, reflected Wolsey's fear that Amicable Grant might make him so unpopular he'd be in danger of losing political influence over Henry VIII.
COINAGE, FOREIGN POLICY & TRADE
Economic depression and price rises caused substantial suffering among the poor - many riots had to be quelled in spring of 1528 in south east, East Anglia and south west.
In 1526 Wolsey undertook a recoinage, increased number of coins in circulation but reduced weight of silver coins. Debasement of coinage stimulated exports, but contributed to rise in prices as coins seen as worthless.
Affected English cloth trade badly, coincided with effects of one of worst harvests in 1527. Widespread unemployment, made worse by rise in prices that had been set.
Wolsey's alliance with France against Spain caused problems - England had little money to fight with, main weapon was a trade embargo against Spain which controlled Netherlands as part of Burgundy.
ACT OF RESUMPTION, 1515
Income had decreased to £25,000 per annum.
The Act returned some of lands to the crown.
Wolsey wanted to increase revenue from Crown lands, but many had been granted away at beginning of Henry VIII's reign.
BALANCE SHEET
Govt expenditure between 1509 and 1520 was £1.7 million.
Wolsey's gain in income couldn't finance war.
Wolsey raised £322,099 in subsidies, £240,000 in clerical taxation, £260,000 in forced loans.