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Tudor History > Crown Finance > Flashcards

Crown Finance Flashcards

1
Q

What was a major problem with finance at the beginning of Edward’s reign?

A

The Great Debasement of the 1540s

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2
Q

How much did ‘The Great Debasement’ of the 1540s raise for Henry VIII?

A

£360,000

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3
Q

How much did the continuation of ‘The Great Debasement’ raise by 1551?

A

£1.2 million

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4
Q

What was the problem with the policy of debasement?

A

It was short sighted as it led to inflation, a loss of confidence in the currency and so it became difficult for the government to obtain credit from foreign markets

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5
Q

Beside debasement, what was Henry VIII’s financial legacy?

A

He left a large amount of debt, he ahd borrowed over £100,000 from Antwerp

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6
Q

How much did Somerset’s policy towards Scotland cost?

A

£580,000

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7
Q

What policy did Somerset continue?

A

Debasement

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8
Q

Who did Northumberland appoint as Lord Treasurer?

A

William Paulet

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9
Q

What reforms did Paulet make to crown finance from 1550 onwards? (3)

A
  1. ending debasement
  2. reducing expenditure so that it matched income and allowed the King to ‘live of his own’
  3. attempted to pay of some debts
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10
Q

How was debasement ended in 1551?

A

Northerumberland did not call in debased coins but rather ordered people to lower prices and trust the exisiting coinage

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11
Q

How much was Boulogne returned to France for?

A

£133,333

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12
Q

How was expenditure reduced under Northumberland? (3)

A
  1. drastic reductions to military and the household
  2. stricter methods of accounting
  3. emergency household fund established
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13
Q

Why did reductions in expenditure under Edward not achieve the goal of making the monarch live within his means?

A

This was not a realisitic expectation as the crown finance no longer raised enough to cover the costs of the household

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14
Q

What was the debt in 1550?

A

£300,000

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15
Q

What has the debt been reduced to in 1553?

A

from £300,000 to £180,000

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16
Q

How did Northumberland reduce debt between 1550 and 1553?

A
  1. sale of crown lands
  2. parliamentry taxes raised over £300,000
  3. government calling in debts raised £16,000
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17
Q

Who was sent by Northumberland to Antwerp to renegotiate the debt owed?

A

Thomas Gresham

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18
Q

What interest rate did Thomas Gresham negotiate with Antwerp?

A

12% compared to 16% that Charles V was being charged

19
Q

What were the impacts of Northumberland’s finanical policies long term?

A

weakened the governments financial position by seeling so much crown land

20
Q

What did Mary do with William Paulet, Lord Treasurer, upon her accession?

A

She kept him on as Lord Treasurer

21
Q

How was the Exchequer extended in Mary’s reign under Paulet?

A

expanded to incorporate the Court of Augmentations and the Court of First Fruits

22
Q

How much of crown income did the exchequer handle as a result of it incorporating more financial courts?

A

75%

23
Q

What happened to rents on crown lands under Mary?

A

they were re-evaluated and raised, generating an extra £40,000

24
Q

When was a new book of rates introduced during Mary’s reign?

A

1558

25
Q

Why was a new book of rates required in 1558?

A

the previous book of rates had not been updated since 1507 and hundreds of commodities were untaxed or taxed well below the level of inflation

26
Q

How much did custom duties rise from 1557 to 1559?

A

from £29,000 to £82,000

27
Q

What did the lose of Calais mean for crown finance?

A

no longer the cost of garrisoning

28
Q

What was the change in the debt in Mary’s reign?

A

from £180,000 to £300,000

29
Q

Why is the raising of the debt from £180,000 to £300,000 in Mary’s reign considered impressive by most historians?

A

she had been at war with France for 18 months and lacked the ability to exploit the church in the same way as pervious monarchs

30
Q

How did Elizabeth reward courtiers

A

wherever possible she rewarded courtiers by giving them monopoly rights or warships which do not directly cost the crown

31
Q

How did Elizabeth moniter the costs of her household?

A

No new palaces were built and annual maintenance costs were halved. Naval expenses were maintained at a minimum by remodelling old ships rather than building new ones

32
Q

Why were the queen and privy council in constant contact with the exchequer?

A

they took every decision on expenditure no matter how small

33
Q

What did the governments slow response to inflation mean in real terms during Elizabeth’s reign?

A

income fell behind in a time of rising prices, custom duties were not realigned to take inflation into account, profits from fedual dues declined rather than increased

34
Q

When did the profits from fedual dues stop declining during Elizabeth’s reign?

A

in 1599 when Robert Cecil took over of the court of wards

35
Q

how much did Winchester and Leicester owe to the crown during Elizabeth’s reign?

A

£70,000

36
Q

Why did the amount raised from each subsidy tax which was granted fell with every collection during the reign of ELizabeth?

A

Nobles began under valuing their assests so they wouldn’t be taxed as much, the government made no attempt to improve this

37
Q

What were the problems with Cecil as Lord Treasurer?

A

He followed Elizabeth’s instructions to cut back costs but made no attempt to improve or reform the system

38
Q

What did Robert Cecil do when he took over the Court of the Wards?

A

he raised the selling price of Wardships to four times the value of the lands

39
Q

What did Elizabeth do in the 1590s due to the mounting costs of war that was unpopular in order to raise money?

A

granting monopolies as patronage and Purveyance, the right of the crown to buy supplies for the royal household at a much lower price

40
Q

Why was there corruption in government and the exchequer under Elizabeth?

A

office holders held their positions for life and were responsible for appointing their own staff and distributing rewards to them

41
Q

Example of the corruption within the exchequer under Elizabeth’s reign?

A

as the economy slumped in the 1590s people looked for different ways to subsidise their income, often leading to bribery in order to gain positions

42
Q

Examples of bastard revenue?

A

forest laws, ship money and monoplies

43
Q

What were bastard revenues seen as by properties classes?

A

a pervesion of royal rights

Tudor History (18 decks)

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