‘Henry showed himself to be a great nancial manager between 1485 and 1509’.
Assess the validity of this view. (25 marks)
Henry VII is o en considered by modern historians such as Bindo as ‘The best businessman to have
sat on the English throne’. His shrewd and frugal nature was necessitated by the uncertainty around
his dynasty and his weak posi on as monarch following the Ba le of Bosworth on the 22nd of
August 1485. In order to assess how great of a nancial manager he was, it would be per nent to
analyse his ac ons in three key areas which contributed to the royal budget; foreign policy, impostors
to the throne alongside rebellions, and the other domes c methods he used to raise nance.
Henry VII was known as the ‘Miser King’ and this was epitomised by his a tude to foreign policy. He
wished to display to foreign powers his strength by demonstra ng his wealth, rather then through
military success. During the Bri any crisis which occurred between 1487-1492, ini ally it looked to
be a failure, as Anne submi ed to Charles VIII and the English army was marooned in Bri any.
However, a er a tac ul late invasion in 1492, Henry VII secured peace through the Treaty of Etaples.
He capitalised on the fact that Charles VIII was eager to end the war in order to pursue foreign policy
in Italy, and as a result, Henry VII received an indemnity payment worth £159,000. This indemnity
payment undeniably strengthened the posi on of the crown's nances, whilst the fact that the
French agreed to expel Perkin Warbeck meant that he was no longer an issue in the immediate short
term. Henry’s great nancial decision making was also demonstrated by his unwillingness to
intervene in the Italian Wars, which occurred for most of his reign (1494-1509). This was because he
knew that war with France would be far too costly and thus, he rejected the alliances o ered by far
larger na ons such as Spain and the Holy Roman Empire. This highlights how Henry VII also
recognised when to pursue a more peaceful foreign policy in order to protect the crown’s nances -
a ributes of a great nancial manager.
Throughout his reign, Henry had to deal with many imposters to the throne which threatened his
dynasty. One can see Henry’s nancial astuteness from the way he dealt with these rebellions. Early
on in his reign, in 1487 Lambert Simnel posed a great threat when he impersonated the Earl of
Warwick, and thus challenged Henry’s posi on. The imposture culminated in the Ba le of Stoke
Field, which was a decisive victory for the Lancastrians, as it led to the death of the Earl of Lincoln,
John de la Pole. Henry VII’s net expenditure on defea ng the rebels was £12,000, however Henry
pro ted nancially, receiving £14,000 from the rebellion due to puni ve nancial measures. Many
monarchs would have executed the rebels, but Henry knew the value he could gain from the rebels
via puni ve taxes, such as the Act of A ainder which allowed him to con scate the land of those
who acted treasonously. Francis Bacon further agrees with this perspec ve as he states ‘The less
blood he drew, the more he took of treasure,’ referring to Henry VII’s pragma c approach in dealing
with rebels, which ul mately bene ted the crown’s nancial posi on. Henry VI con nued to u lise
puni ve nancial measures throughout his reign, as seen in response to the Cornish Rebellion of
1497. He treated the bulk of rebels with leniency and used bonds of good behaviour in order to
ensure long term loyalty to the crown, whilst raising revenue from disloyalty. This portrays Henry VI
once again as a great nancial manager throughout his reign when dealing with imposters and
rebellions.
Henry VI rst parliament met on the 7th November 1485 and one of the main outcomes of this
mee ng was that Henry VII was granted tonnage and poundage for life. This tradi onal source of
revenue steadily increased throughout Henry’s reign, as he promoted the cloth trade with
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