This summary table includes the relevant information on the economy under the various Tudors, from Henry VII to Elizabeth I. As part of my ALevel studies, I compiled down my notes to create these tables which have all the relevant content on, which helped to form the basis of all my revision.
The...
Economy/finance under Tudors
Henry VII Henry VIII Edward VI Mary I Elizabeth I
Restoring the English economy and WOLSEY Problems with trade at Antwerp hit cloth The worsening economic problems under Argued that she was similar to her grandfather,
improving royal finances was a key aim As Chief Minister, Wolsey also oversaw the exports badly, causing unemployment Mary’s reign Henry VII in that she liked to pile up money – saving
of Henry VII when he usurped the raising of finance for the King. There were consistent bad harvests o Population size continued to be an rather than spending when she could
throne in 1485. The ways in which he raised finances for the Inflation was on the rise with very high prices issue as it continued to increase; E came to the throne at a difficult time for the
The economy & the royal finances were King were not too dissimilar to that of H7. However must recognise & appreciate that there creating pressures on English economy. The combination of:
not in a good position, mostly following For example, relied heavily on extraordinary were attempts to end enclosures under wages/jobs/foods etc Bad harvests, high mortality rates, high taxation &
the atrocities of the War of Roses, revenue & also raised subsidies Northumberland. o Very inconsistent agricultural for many, a significant cut in real wages meant that
which drained the economy majorly. (parliamentary taxation). HOWEVER, the The Duke of Somerset – production; harvest failures (1555- there was a considerable fear about social
Henry VII had to borrow money from method in which he chose to raise these Enclosures were a continued problem – 56), food shortages etc created instability.
the nobility for his own coronation & subsidies was different. commissions were set up to deal with this. strains on wages There was also a huge gap between rich & poor
marriage = hugely significant as this He established a national committee Sheep farming was growing – introduced a o Real wages fell by as much as 60% POVERTY
would create the image of a weak King (headed by himself) which dealt with the sheep tax (to pay tax on the number of sheep in this period 1/2 the families in 16th century England could be
– he should be above his subjects, assessment of taxpayers wealth – led to a they had – HOWEVER, not so effective as cant o Major Flu classified as ‘labouring poor’ – only received 20% of
rather than have any supposedly loyalty more realistic assessment of wealth, count all the sheep!). the sheep tax was very o Epidemics 1557-58 the national income
to them/be in debt to them. something which wasn’t as effective under unpopular with the nobility as well since they o Gov debt – debasement of the Nearly 1/4 of people in towns lived in poverty
How he improved royal finances the old system. So this was essentially a were the ones who owned the sheep (owned coinage to pay for foreign wars Before the reformation of the Church, the church
Extraordinary revenue – revenue which more fairer & more flexible taxation system the land they were on) ^these suggest crisis on the surface had been responsible for helping the poor –
came as and when, on no particular which was based on income tax after Overall – economy was unpopular with the however it must be acknowledged that another reason why it had got so out of hand
occasion. This method often sparked conducting a national wealth survey in nobility these aren’t individual to her/not her CAUSE OF THE CRISIS
uprisings/rebellions. 1522 Northumberland – fault o Prices soared
Over £400,000 was raised through So he didn’t change the way in which He attempted to end enclosures – not always Financial reforms o Population nearly doubled:
extraordinary revenue finance was operated but he changed the successful but his attempts were there o Revenue administration was 1520 – 2.4 million
BONDS & RECOGNISENCES: these were efficiency of this. making progress 1600 – over 4 million
payments made to ensure good This not only serves the interest of the king o The Exchequer took over both the o English agriculture failed due to bad
behaviour. Earl of Westmorland had to since it generated larger sums of royal Court of First Fruit & Tenths & the harvests (9/44 harvests failed = ¼)
pay a sum of £400,000 after BoB. Also finance (as a result of higher taxes having to Court of Augmentations THE SETTLED POOR
helped to strengthen the new King’s be paid by members of the nobility & o Mary prepared long term changes o Many were children below 16 – their
position gentry) but it also meant that he became which she herself did not see but chances of surviving were slim, they had
PARLIAMENTARY GRANTS: these were popular with the poorer members of society Elizabeth benefitted hugely from. little to eat
grants passed by Parliament often for (the majority of the population). This would Eg book of rates & recoinage o Elderly were at risk because they
taxation, fund wars etc. often provoked mean H8 would experience less disrupt helped raise gov’s economy couldn’t work
rebellions from this social class & in turn could then o One major mistake of Mary in o Made up 30% of the urban population
Ordinary revenue – fixed revenue that enable him to turn his main attention to his THE VAGRANT POOR
regards to her financial reforms
the Crown could rely upon regularly. primary aim (great ambitions in FP) o Often whipped out by parishes
was cancelling subsidy (tax). Whilst
CROWN LANDS: helped raise royal This made Wolsey extremely popular with o Travelled from place to place to try &
these increased her popularity, it
finance considerably but also maximise the poor but deeply unpopular with the find work
was hugely costly for the
his influence. nobles – risking rebellions etc when o Usually young men & women looking for
government.
Was reluctant to give out lands to angering the nobility work (sometimes whole fams)
^these successes weren’t able to be seen
family/friends W was of humble origins – son to a butcher HOW DID THE GOV RESPOND
straight away in her reign simply because
Over £42,000 was raised p/a by 1508 = potentially why he wanted to help the o The poor was categorised:
it was so short yet they essentially
FEUDAL DUES: the traditional idea that poor so much created somewhat of a strong o Impotent poor (physically unable to work)
the Crown held right to demand money HOWEVER, when this finance raised was not foundation for Elizabeth o Able-bodied poor (wanted work – could not find
from certain areas since he was the sole enough for H8’s ambitious foreign policy in Can ultimately argue that it was not a crisis it)
owner of all the Kingdom 1525 for H8’s war in France, Wolsey tried to o Vagabonds (chose to avoid work)
but rather the continuation & aftermath of the
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