The Success of Henry VII in Improving Royal Finances Essay examples

The Success of Henry VII in Improving Royal Finances Essay examples

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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...

... middle of paper ...

...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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