Edexcel A-level History Summary of the Kings' finances (Lancastrians, Yorkists and Henry VII )
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Course
Lancastrians, Yorkists and Henry VII 1399-1509
Institution
PEARSON (PEARSON)
This is a summary of the finances of the different kings for Edexcel A-level History, the Lancastrians, Yorkists and Henry VII paper . This document was created using the Edexcel History textbook.
King Examples of how he managed his finances (either successfully or unsuccessfully)
Richard II Kings obliged to recognize the hereditary claims of noble families. Failure to do so-
1399 Richard disinherited Bolingbroke and in response Henry overthrew the king.
Henry IV Retained the very substantial lands he had held as the duke of Lancaster. Charter
from 1399- duchy continue to be treated in same way as if he had never become
king. Duchy of Lancaster gave a substantial source of private income. Personal
wealth of the Lancastrian kings and weak political position of Henry IV as a usurper,
meant that parliament was less likely to be forthcoming with taxation for his use.
Average income of the Duchy was £11,000 and contributed to £1,120 per annum.
Difficulty balancing royal revenue with expenditure.
Henry V Henry V waged an expensive war with France, he dies heavily in debt. After he died,
his jewellery and ships had to be sold to pay back money to creditors of the crown.
Placed the Duchy’s private administrative council under the close supervision of
crown officials and sought to increase further the profitability of the farming of the
estate. Annual revenue of Duchy increased to £13,000 and £4,400 supported gov
finances each year. Difficulty balancing royal revenue with expenditure. Relatively
little difficulty in obtaining necessary grants of tax.
Henry VI In 1450, one of the criticisms made by angry subjects during Cade’s rebellion was
that the king was so in debt he could not pay for food and drink for his household.
Vulnerable to be exploited for royal demesne. Duchy revenues suffered from the
lack of strong personal leadership, little close supervision of Duchy finances. Duchy
lands diverted to fund Eton College and Kings College Cambridge. King gave away
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