This document contains notes compiled from the textbooks and external resources which cover Henry VII's financial policies and how he used them to control the nobles and his foreign policy
The population of England at the beginning of the fifteenth century was around 2.2m. The
majority of people at this time were living in the countryside and relied on some sort of
farming for a living. There was around 10% of the population which lived in towns and whilst
they were considered small compared to those on the continent, there were some
exceptions such as London with a population that exceeded 50,000. Other places like
Norwich, Bristol, York and Coventry also had a population that ranged from 8,000 to 10,000.
However, there were no more than 20 towns that had as many as 3000 people. In these
urban areas wool and cloth were the main industries. Other industries included mining tin,
coal and lead; metal working; and shipbuilding.
Although Henry VII was interested in building up his personal wealth, he had no specific
‘economic policy’ as a modern leader would. Any Acts of Parliament were often a result of
merchants who had a vested interest.
The agrarian economy
Income from the and had declined in the aftermath of the Black Death of the 1300s and early
1400s, though it has been suggested that there was something of a recovery in the 1480s
and 1490s, as the population began to increase again. There was much evidence of a move
towards sheep farming in the 1480s and 1490s. This was a reflection in not only of the
depressed profitability of arable (crop) farming, but also the improved profitability of sheep
farming brought about by the increased demand for wool, as the population grew and the
demand from overseas developed.
As a largely agricultural society, England could be divided into a ‘lowland zone’ to the south
and the east and a ‘highland zone’. Mixed farming (crops and livestock) was the most
common form of farming found on the lowland along with the open-field system.
Enclosures
Land had traditionally been farmed in an open-field system throughout the mediaeval period.
Land surrounding villages was divided into strips and shared amongst villagers and
decisions about farming practices were decided collectively. Stretches of common land were
left for the people to graze their animals. This practice was increasingly challenged during
the fifteenth century by enclosure. Enclosing land was occurring most frequently in the
Midlands, where land was more suited to sheep farming than growing arable crops, which
was now relatively more profitable. In certain cases enclosures led to evictions and
occasionally vagabondage (vagabonds were people without land or employment). In the late
fifteenth century this was not a common occurrence.
Henry VII passed legislation against enclosure in 1489, which was aimed at stopping the
waste of structures and farmland that had led to lower tax revenues in the past (so Henry
could get higher taxes). The terms of the act were motivated by a desire to protect royal
interests rather than local populations. Historians have suggested that the 1489 act was
specifically aimed at the Isle of Wight on strategic grounds to limit the depopulation of the
island, because of its use as a defence. Later the same year, another act was passed which
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