Henry VII Finance

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To secure Tudor dynasty had to control noble power, and maximise financial situation

How much threat was posed by the nobility?

Relations conditioned by two principal factors:

Henry was a usurper

War of the Roses had gone on for 30 years and to remain King, Henry needed to play King role successfully and bring stability to England

As nobility feudal lord, Henry had to be sure of securing their loyalty

Never could be secure without their support with Lander stating that ruling without support of nobility was eccentric

No King could rule effectively without nobility due to their wealth and power

Different historians

Some took the line that Henry VII didn't have much nobility to deal with

followed writings of thomas more, William tyndale

Said that the war of the roses wiped out the ancient nobility

Other interpretation

Mcfarlane states how I was normal for the nobility to lose a number of families from its ranks

But these families were quickly replaced by wealthy families who excluded from the peerage before

Evidence suggest that nobility did retain their position in society

Changes in nobility occurred to Henrys advantage

Nobility reasoned largely intact but subtly reduced in power

Most significantly reduction in Super- nobles who combined land and inheritances of major families

Some did exist such as Stafford Dukes of Buckingham and Percy Earls of Northumberland

How did Henry deal with the nobility?

Used an approach ' carrot and stick']

Carrot approaches were:

- Patronage- Henry made it clear tear patronage came as a result of good and loyal service

First to be rewarded was those who supported Henry before and during Battle of Bosworth

Earl of Oxford became major landowner in East Anglia: Jasper Tudor made Duke of Bedford and was restored with Welsh lands: Thomas Lord Stanley retained control of Cheshire and Lancashire; Robert, Lord Willoughby received a number of rewards.

Others awarded on basis of good service

George Talbot one of Henrys closest councillors, Giles Lord Daubeney promoted to the peerage after leading royal forces against Cornish rebellion: Edmund Dudley a lawyer who became one of Henrys right hand men & councillor

Society where patronage was truly valued

-Order of the Garter- Significant honour reserved for Kings closest servants

Henry made 37 Knights of the Garter- Most associates in war and government

People included include Earl of Oxford, Giles Daubeney, Robert Willoughby

Historians arge was ultimate mark of honour favoured by Henry VII

Effective as gave receipent prestige but not power or land

-Kings Council- This position sign of Kings confidence with an emphasis on loyalty to trusted servants

- John Morton and William Warham retained their Chancellor positions for long periods , Treasurer was occupied first by Lord Dinham and then Earl of Surrey, Richard Fox- Keeper of Privvy Seal Until 1516.

Key councillors had alingned themselves with Henry before Battle of Bosworth: Reginald Bray, Giles Daubeney, Richard Guilford, Thomas Lovell and John Riselly

Great Council- Usually called together by King to discss high matters of state in moments of emergency. Were useful form of control for King as if nobility were included in meetings couldn't then turn around and disagree with the policy

The meetings occurred in 1485 concerning Henry VII marriage, 1487 in response to Simnel threat, 1488 to authorise subsidy for campaign in Brittany, 1491 to authorise war against France

Stick approaches

-Acts of Attainder- Acts that led to a family losing the right to possess its land. Also lose right to inherit land. Would Ruin families economically and socially. However the acts were reversible and used as a sanction for good behaviour

Example was Thomas Howard, Earl of Surry who fought for Richard III, Henry attainted his land and imprisoned him in the town, released in 1489 when take an oath of allegiance, process of reversal of attainder started, put in charge in north April 1489 quelled Yorkshire rising, returned some Howard estates, later retained all Howard estates after second Yorkshire rising in 1491

Never got reinstated as Duke of Norfolk

Henry passed 138 attainders and reversed 46

Only one reversal of acts of attainder has special terms attached

Policy increased in severity during the reign- with 51 acts being passed in 1504-1509

-Bonds and Recognisances- Keen to use other sticks as a means of guaranteeing good behaviour

Bonds were agreements which were written where people would promise to pay a sum of money if they failed to carry out their promise

Recognisances were formal acknowledgment of a debt or obligation that already existed - pay money if not met

Thomas Grey, Marquis of Dorset- support for Richard, 1492 required to transfer all land par two to trustees, give recognisances for 1,000 and find others worth 10,000 on behalf- Agreements called in 1499. once Dorset has proved loyalty to Henry

Between 1485- 1509 36 OUT OF 62 NOBLE FAMILIES GAVE BONDS AND RECOGNISANCES TO HENRY

- Feudal Dues- Keen to emphasise his own power as King by asserting feudal rights over nobility . He sent out numerous commissions of inquiry to re-establish his rights in Warship, Marriage, Livery, Relief and Escheats

Katherine Dowager Duchess of Buckingham was fined 7,000 for marriage without license of King in 1496

Increased control shown by increase in proceeds from wards and marriage - 350pound in 1487 to 6,000 in 1507.

- Retaining- long- held noble practice of recruting gentry followers. Used for administrative purposes and as fighting forces locally.

Henry viewed them as a threat to his power as feudal lord and king

Tackled issue in 1485 and 1504

-Lords and Commons sweared in parliament wouldn't retain illegaly

-1504 proclamations ensured nobles had to obtain special placards or licenses to retain

1504 Act had been a penalty of 5pound a month per illegal retainer- applied in 1506

Didnt stamp out legal retaining but it seems clear that the nobility was at least much more cagey about the practice.

Crown Lands- Henry determined to bring as much land back into the hands of the crown. More land possessed, more power Henry wielded.

Estimated thar crown lands were five times larger by the later years of Henry VII reign

1486 Act of Resumption passed which covered for the crown all properties granted away since 1455.

Only rewarded ands from whose who forfeited under Acts of Attainder

Henry and the gentry

- Reliance on the gentry for Henry security

-Consequence of taking more land under the crown meant it was necessary to find local gentry who run Kings affair efficiently

Officials linked directly to King not the noble

Power change happened under Henry VII

regional authority of great magnates replaced by regional magnates

People of power such as Daubeney did rely on power from own landholdings

Power âme from their responsbility of crown lands in particular area

Different from region to region- crown's land were still a minority of all land

State of Royal Finances in 1485

First used Henry Exchequer system. received mere 11,700 from his lands

Exchequer system inadequate for Henry as he had to get loans to pay for his coronation and marriage and had to pay for progresses to north and to suppress rebellion

1487- there wasn't enough money for feast at Windsor

Henry realised importance of keeping eye on finances to make most of land revenues

Began to use the Chamber system- which was under direct supervision of King himself. Advantages of Chamber system included it used receivers and officials to get most profit from estates, was part of the royal household, King had direct control over land revenues, and ready supply of cash if needed.

Types of Revenue:

Ordinary Revenue: collected regularly

Crown Lands - lands held by the King by inheritance or confiscation. Greatly increase amount of lands due to attainders, act of resumption and forfeitures. - Crown lands five times larger by end of Henry VII reign

Feudal Obligations- Paid for Warship, Livery, Relief,Escheats and Marriage dues for heiressses- 1507 over 6,000 per annum gained

Bonds and Recognisances- written agreements, and formal acknowledgements

Custom Duties- Paid for English defences such as Calais Garrisons. Includes prerogative duties on exports of wool, wool fells, leather and cloth & imports and export duties on tunnage and poundage - 40,000 per annum as increased by new book of rates in 1507 taking inflation into account.

Profits of Justice- feeds paid for royal writs and letter which were essential for court action. Fined were levied by the courts. Income varied by year and weren't collected much by cash.

Extraordinary Revenue - only really for emergencies such as war

Parliamentary Grants- help King when national interest threatened with the basic tax being fifteenth and tenths. Was used in 1487 for battle of stoke, 1489 to go to war against the French, 1496 defence against the Scots and war beck - usual amount around 30,000

Loans- richer subjects in times of emergency - gained around 203,000 throughout reign

Benevolences- type of forced loan without repayment - 1491 raise 48,500 to take to France.

Clerical Taxes- Above Board, Simony and Vacant Bishoprics- 1489 Archdioeses of Canterbury and York voted 25,000 towards the cost of the French war

Feudal Obligations- Feudal Aid- due levied on special occasions such as Knighting of Prince Arthur in 1504 -30,000 levied on knighting of Prince Arthur.

French Pension- Treaty of Etaples as a bribe to remove English armies- 159,000 paid

Using finance to his advantage:

Crown Lands

-critical how land managed. Henry particularly successful in adopted chamber methods. Used this by transferring control to surveyors, receivers and auditors who specialised in maximising income/ Receiver responsible for collecting rents, making new leases, expelling bad tenants and to authorise repairs

Impossible to determine whether it was better management or the increase amount of crown lands which made the difference

Annual income from crown lands around 40,000

Expenditure

- Henry had to spend some money

Essential for Henry to look/ act the part of powerful monarch

Important for image home and aborad

Only had 113,000 so needed to appear as a rich

Impressed Venetian ambassador

spent shamelessly on images promotingg himself and dynasty

Made badge personal- Tudor rose placed everywhere

lent money to Phillip Burgundy in 1505- 138,000 to finance voyage to spain

lent between 236,000 and 342,000 to emperor Maximilian between 1505 and 1509

Neither loans repaid but spent on a good cause..