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Summary Economic development under Henry VIII (Word Doc)
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Economic Development in the reign of Henry VIII• There was a continued rise in cloth exports, though the market for raw wool de-
clined. Woollen cloth exports almost doubled during Henry VIII’s reign. This was
accompanied by significant increases in the export of hides and tin.
• These exports were counterbalanced by an increase in the import of wine, which
suggests that the spending power of the more prosperous classes increased.
• Leading routes for exports, particularly cloth was from London to Antwerp. This
had negative impact on some other ports, especially Bristol and east-coast ports
such as Hull and Boston.
• Provincial traders seem to have found it difficult to compete with London rivals.
• Southampton enjoyed a boom, especially in trade with Venice, but it was short-
lived and was over by the middle of the century.
• There was an increase in cheaper fabrics such as kersey.
• Although 70% of cloth exports were transported by English merchants from 1550s,
much of the trade was in foreign hands before this.
• The cloth industry was largely operated on a domestic basis with children carding
the wool, women spinning and men weaving it. The wool was then passed from the
domestic sphere for more specialist treatment such as fulfilling and dyeing.
• The West Riding of Yorkshire, East Anglia and parts of the West Country saw the
greatest growth in the cloth industry.
• Work in the cloth industry was not always secure and could lead to poverty.
• There were serious profits to be made, especially by the rich and entrepreneurial
clothiers were able to acquire wealth and enhance their social status. The best ex-
ample is William Stumpe of Malmesbury in Wiltshire who became MP of Malmes-
bury, High Sheriff of the county, wealthy landowner and beneficiary from the dis-
solution of the monasteries.
• Also some growth in the mining industries. Cornish tin remained a prize export.
Lead mining in the High Pennines and coal mining in the northeast of England were
growing in importance, with Newcastle supplying an increasingly important London
market by sea.
• Blast furnaces produced an increasing amount of iron ore in the Weald of Sussex
and Kent. By the middle of the century their number totalled 26.
• Henry was uninterested in exploration and made no attempt to build the early
achievements of Cabot and the Bristol merchants at the end of the 15 th century.
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