The Success of Henry VII in Improving Royal Finances

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The Success of Henry VII in Improving Royal Finances

Henry VII was a political realist, he knew he needed a good financial

base from which to run the country, but on a more personal note, he

also saw the need to create a strong financial situation upon which to

secure his reign and dynasty. As Caroline Rodgers states 'Henry was

acutely aware of the importance of strong finances if he was to remain

safely on the throne.' However, it has often been said of Henry, 'No

man has ascended to the throne with such a lack of financial

experience and resources as Henry VII.' S. B. Chrimes. How this

inexperienced monarch was to stabilise the English economy and

finances was a mixture of competent financial management, a prudent

nature and some good luck. In this assignment, I will investigate the

methods used by Henry VII to improve royal finances during his reign.

The main earner for Henry was in the Royal Estates. As we know, Henry

did not give many titles or lands to his supporters or relatives, as a

result much more property was kept in the Kings personal estate, with

the revenue gained from these holdings going towards the royal

finances. He also, through Acts of Attainder, gained more land into

his own assets, thus increasing earning for the running of the

kingdom. Through escheats, instead of the lands of the deceased being

passed to other nobles, the King absorbed them for himself, again

increasing land and revenue for the royal finances. Due to Henry's

attitude to the gaining and receiving of land, the size of the Royal

Estates increased by 45% by the time his reign ended in 1509. In

Caroline Rodger's publication 'Henry VII' we are tol...

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...s lavishly kept with no expense

spared, he also left one years unspent income aside for his son Henry,

his heir, (who was to become Henry VIII) in order so that he would

have a firm financial footing when he ascended to the throne. He has

been described in his own era as, 'The richest lord that is now known

in the entire world.' Showing how his wealth compared to other

monarchs at the time. Although the figures quoted in this assignment

may not seem like much, by today's standards, however in the early 16th

century they were extremely healthy. These were the methods that Henry

Tudor, an unknown, untrained, minor noble with no financial management

training when he came to power in 1485, had managed in the time he was

on the throne until 1509, to improve royal finances to a degree even

he would not have thought possible.

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