The Reign of Henry VII
Was the reign of Henry VII the financial highpoint of the Tudor era?
Henry VII came to the throne in 1485; in many ways his reign appeared vulnerable and his finances poor, however, when he died in 1509 he left his son Henry a sound fiscal legacy. However, was his reign destined to be the financial high point of the Tudor dynasty he founded? The accession of a strong king and the apparent conclusion of civil war meant many had high hopes that Henry VII could restore stability to the country. The situation was indeed improving – growing immunity to the Black Plague had insured steady, if slow, population growth. Henry wanted to maximise the potential economic wealth of the nation, and he did so in many ways including a major reform of the county’s financial administration, support of the gentry class as opposed to super-powerful magnates, and by keeping his nobles in line through his authority and the distribution of crown favours. His success in exploiting his estates and the feudal debts of his nobles is one of the key factors of his economic legacy. However, while many admired his ruthless policies, others were not so complimentary. For many his collection of revenue from feudal sources and from the administration of justice “caused great discontent and earned Henry his reputation as a miser and extortionist”. By the end of his reign, Henry had succeeded in reversing the effects of the War of the Roses, created a solvent financial administration and had managed to increase his annual income by twofold.
Henry knew that if he wanted to ensure a filled treasury and general economic stability and prosperity, he did not need to invent new sources of revenue, but instead focus upon receiving his proper due as monarch of the lands. To do this, Henry utilised a ruthless plethora of methods to obtain revenue, with the key methods being his administrative reforms, trade and the maximum acquisition of money through Ordinary and Extraordinary incomes.
The steadily
Henry VII came to the throne in 1485; in many ways his reign appeared vulnerable and his finances poor, however, when he died in 1509 he left his son Henry a sound fiscal legacy. However, was his reign destined to be the financial high point of the Tudor dynasty he founded? The accession of a strong king and the apparent conclusion of civil war meant many had high hopes that Henry VII could restore stability to the country. The situation was indeed improving – growing immunity to the Black Plague had insured steady, if slow, population growth. Henry wanted to maximise the potential economic wealth of the nation, and he did so in many ways including a major reform of the county’s financial administration, support of the gentry class as opposed to super-powerful magnates, and by keeping his nobles in line through his authority and the distribution of crown favours. His success in exploiting his estates and the feudal debts of his nobles is one of the key factors of his economic legacy. However, while many admired his ruthless policies, others were not so complimentary. For many his collection of revenue from feudal sources and from the administration of justice “caused great discontent and earned Henry his reputation as a miser and extortionist”. By the end of his reign, Henry had succeeded in reversing the effects of the War of the Roses, created a solvent financial administration and had managed to increase his annual income by twofold.
Henry knew that if he wanted to ensure a filled treasury and general economic stability and prosperity, he did not need to invent new sources of revenue, but instead focus upon receiving his proper due as monarch of the lands. To do this, Henry utilised a ruthless plethora of methods to obtain revenue, with the key methods being his administrative reforms, trade and the maximum acquisition of money through Ordinary and Extraordinary incomes.
The steadily