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Henry VII's royal finance - Coggle Diagram
Henry VII's royal finance
Aims
reorganise financial administration
exploit sources of ordinary revenue
increase income from extraordinary revenue
King was expected to live off his own
Extraordinary Revenue
Parliamentary taxation
rarely used as rebellions showed how unpopular it was
Loans were used
£203,000
had to repay
1491 he raise £48,500 for an expedition to France
raised money from churches
Fr pension brought in £5,000 annually
Exchequer vs Chamber System
Exchequer until 1487 then realised its limitations
Chamber System
crown lands
feudal dues
profits from justice
the french pension
Ordinary Revenue
1486 Act of Resumption
crown lands rose from £29,000 to £42,000
Tried to imitate E4's methods
problems with smuggling and income from trade relied heavily on relationships with foreign powers
King used fines as a choice of punishment
Earl of Northumberland -> £10,000
Feudal Dues
incom rose from 350 per annum in 1487 to over £6,000 in 1507