3 Henry VI: Debt

hattiedg
Mind Map by hattiedg, updated more than 1 year ago
hattiedg
Created by hattiedg almost 6 years ago
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A Levels History (War of The Roses) Mind Map on 3 Henry VI: Debt, created by hattiedg on 04/09/2014.
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3 Henry VI: Debt
1 The longer the war went on - the greater the burden of taxes at home
1.1 The noble + gentry taxpayers were reluctant to fund failure
2 The loss of Normandy in 1450, and Gascony 1451 affected the incomes of a large number of noble families
3 It has been calculated that by 1450 - the Crown owed in the region of £370,000
3.1 Richard, Duke of York was owed around £38,000
4 The reg income enjoyed by the Crown had fallen to £45,000 (a drop of roughly £120,000) which was due to a number of reasons:
4.1 An increase in spending on the war
4.2 A reduction in income from customs + taxes from a general trade depression
4.3 A reduction in income from Crown lands due to inflation + rising arrears in payments of rent
4.4 An increase in loans + interest payments from Italian bankers + merchants
5 Henry was unable to offer the kind of cash incentives that his nobility might have accepted in lieu of land in France
5.1 This did not deter him from spending money he did not have, or granting away Crown lands in England that he could ill-afford to lose
5.1.1 This led to a collapse in royal finances - meaning the crown had an increased dependence on the nobility
5.1.1.1 By 1455 - the Lancastrian dynasty was virtually bankrupt
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