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Papers > History > Financial Policy of Henry VII
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Financial Policy of Henry VII |
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... Henry had no experience in financial administration and furthermore, was preoccupied with securing his throne. ... BUT, the Exchequer was not designed to deal with the complexities of 15th century estate admin and did not have the resources to cope with the problem In the first year of Henry’s reign, the crown income from land declined from £25 000 at the end of Richard’s to £11700 at the end of Henry’s first year. ... Sometimes Henry himself had to intervene and this became more frequent. ... Henry soon saw the advantages of an alternative Chamber system which would enable him to have control over cash reserves under his direct control (the privy purse). ... This revival occurred in 1487, after the Battle of Stoke when Henry had fewer threats to the throne. ... ¨ Did not work well unless supervised closely – this was first done by Henry but as his eyesight deteriorated, he relied increasingly on Bray (a close friend who was appointed Lord Treasurer in1486 but surrendered the post only five months later to Lord Dinham. ... Land as a source of revenue The majority of the Chamber’s revenue came from royal lands – Henry held more land than any monarch since 1066. This was because: ¨ Good fortune ¨ Henry’s ruthless disregard for his subjects’ property rights. ... Henry’s purpose in acquiring lands was not solely greed. ... Henry was careful not to alienate most of the lands that he acquired. He often gave land to his mother, which was almost definitely to be returned to Henry upon her death. Feudal and Prerogative Revenue There were two aspects to Henry’s prerogative rights: ¨ The King, as the greatest of all the feudal lords, could claim the rights which belonged to any lord. ... From early in his reign, Henry appointed commissioners to investigate the extent of his feudal rights. ... Feudalism no longer existed in theory, but it did exist in the financial system. In addition to his feudal prerogative, Henry also exercised his monarchial rights. ... Henry cracked down on those who had avoided paying the money they were supposed to – for example widows who had remarried without the king’s permission. |
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Title: Financial Policy of Henry VII
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