This document includes detailed notes on the forms of economy that Henry VII used and how he implemented it. My notes also explore the impact on the nobles and how Henry used his economy to forcefully subject them.
Extraordinary revenue was used for one-off occasions, emergencies such as coronations,
marriage, war and rebellion.
Bonds and Recognisances:
Subjects paying an amount of money to guarantee good behaviour, demanded to sus out
disloyal nobles
Bonds were written obligations where people promised to subject themselves to pain if they
failed to carry out their promise. 191 bonds were collected in the first decade of his reign.
Recognisances were formal acknowledgments of actual debts or other obligations that
already existed. Under Henry, recognisances became the normal way of ensuring payment
of legal debts owed to the crown.
For example Earl Westmorlang, a Yorkist fighter in the Battle of Bosworth was forced to pay
£10,000. This maintains the control of the nobles and gains revenue however making Henry
unpopular.
Loans and Benevolences:
Henry could rely on loans from his richer subjects in times of emergency. In 1496 Henry
didn’t collect enough money from Parliament to defeat the Scots and Warbeck so therefore
loaned money from his subjects. These loans were usually small and always repaid. If Henry
didn’t repay the subjects were more likely to support a rival claimant to the throne/
Benevolences were a forced loan that wouldn’t be repaid. Subjects were asked to contribute
to their king's expenses as a sign of their goodwill towards him at a time of crisis. In 1491,
Henry appealed for money to protect Brittany from French aggression, and raised £48,000, a
greater sum than taxation could ever create. People who failed to pay what was expected of
them were threatened with appearing before the Royal Council.
Clerical taxes:
Henry received money from the Church, as when Parliament called for a grant the
convocations (parliament in Church where representatives of the clergy discussed clerical
matters) would contribute as well. In 1489 they voted 25,000 to the French war.
Simony (selling of church titles) was another way to make money, charging £300 for the
position of Archdeacon of Buckingham. Simony was forbidden by the Church but done
anyways.
Henry also didn’t immediately appoint bishops as when a bishopric fell empty he could
pocket the money raised in that bishopric while it was vacant. By the end of his reign this
process was providing him £6000.
Feudal dues:
The king had the right to demand feudal aid on special occasions like marrying off his eldest
daughter and the knighting of Arthur.
Henry could force anyone who made £40 or more to become a knight (they would have to
pay Henry for this).
Henry exploited this as in 1504 he received £30,000 for the knighting of Arthur even though
he died in 1502.
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