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1c the tudors: england, 1485-1603

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Part two: england: turmoil and triumph, 1547-1603 (a-level only)

Edward VI’s Rule: Adventures and Money Troubles

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Edward VI’s Rule: Adventures and Money Troubles
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Maya Oyewole

@mayaoyew

·

74 Followers

Follow

Edward VI's reign faced significant economic challenges, leading to various policy changes. Edward VI's economic policies on trade and exploration aimed to address financial difficulties and stimulate growth. The government implemented measures to stabilize currency, increase revenue, and expand trade routes. Northumberland's policies on English trade had a notable impact, encouraging exploration and establishing new trade relationships.

• Financial struggles led to borrowing and land sales
• Currency reforms aimed to combat inflation
• Trade issues and social unrest prompted policy changes
• Exploration initiatives sought new trade opportunities
• Poor Law of 1552 addressed social welfare concerns

04/04/2023

208

EXPLORATION, TRADE AND ECONOMY- EDWARD VI • FOLLOWING THE EXPENSE OF SOMERSET'S WAR, THE GOVERNMENT HAD NO MONEY AND HAD TO BORROW HEAVILY F

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Trade Issues and Northumberland's Economic Policies

The cloth trade with the Netherlands, a crucial sector for textile workers, faced significant challenges during Edward VI's reign. A sudden drop in exports in the summer of 1551, due to trade issues in Antwerp, led to increased unemployment in textile-producing regions like East Anglia and the West of England.

In response to these economic pressures, Northumberland implemented several policies:

  1. Repealed the sheep tax of 1548 in 1550
  2. Introduced a new Treason Act in 1550 to restore law and order through censorship
  3. Enforced anti-enclosure legislation and ended unpopular enclosure commissions
  4. Passed acts to protect arable farming
  5. Enacted a new Poor Law in 1552, making parishes responsible for supporting the deserving poor

Definition: Enclosure - The process of fencing off common land for private use, often leading to social displacement and agricultural changes.

Quote: "A new Poor Law was passed in 1552. This made parishes responsible for raising money to look after the deserving poor."

These policies aimed to address both economic and social issues, reflecting the complex challenges faced during Edward VI's reign.

EXPLORATION, TRADE AND ECONOMY- EDWARD VI • FOLLOWING THE EXPENSE OF SOMERSET'S WAR, THE GOVERNMENT HAD NO MONEY AND HAD TO BORROW HEAVILY F

View

Expansion of Trade and Exploration

In light of uncertain trade relations with Europe, Northumberland encouraged the expansion of trade routes, marking the beginning of England's exploration era. By 1553, English ships were trading as far as the Gold Coast in West Africa.

While English ships were not yet capable of sailing around the Cape of Good Hope to reach India or China, there was renewed interest in finding a North-East Passage around the North American continent. Key developments included:

  1. Establishment of a company in 1552, supported by city merchants and Privy Council members, led by Sebastian Cabot
  2. Sir Hugh Willoughby's expedition in May 1553 to find a new route
  3. Richard Chancellor's successful journey to Archangel, establishing diplomatic ties with Ivan IV, Tsar of Muscovy
  4. Foundation of the Muscovy Company to foster trade between England and Russia

Highlight: The establishment of the Muscovy Company marked a significant milestone in English exploration and trade expansion.

Example: Richard Chancellor's successful diplomatic mission to Russia exemplifies the dual nature of these expeditions - seeking both trade opportunities and political alliances.

These exploration initiatives laid the groundwork for future expansions during the reigns of Mary and Elizabeth, significantly impacting England's global trade position.

EXPLORATION, TRADE AND ECONOMY- EDWARD VI • FOLLOWING THE EXPENSE OF SOMERSET'S WAR, THE GOVERNMENT HAD NO MONEY AND HAD TO BORROW HEAVILY F

View

Financial Challenges and Economic Reforms

Edward VI's government faced severe financial challenges under Edward VI's reign, necessitating urgent economic reforms. The aftermath of Somerset's war left the treasury depleted, forcing the government to borrow heavily from European bankers. To address this crisis, William Cecil and Thomas Gresham were appointed to oversee financial planning.

Key measures included:

  1. Selling chantry lands to repay loans
  2. Recalling and reissuing coinage to combat inflation
  3. Selling crown lands to generate revenue
  4. Increasing customs and excise rates

These actions were taken against a backdrop of rising population, food shortages, and social unrest following the 1549 uprisings.

Highlight: The government's financial strategies included both asset sales and monetary policy adjustments to stabilize the economy.

Vocabulary: Chantry lands - Properties associated with religious institutions that were dissolved and sold off during the Reformation.

Example: The reissuance of coinage with silver content matching 1527 levels was a direct attempt to address the inflation caused by previous debasements.

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Subjects

/

History

/

1c the tudors: england, 1485-1603

/

Part two: england: turmoil and triumph, 1547-1603 (a-level only)

Edward VI’s Rule: Adventures and Money Troubles

user profile picture

Maya Oyewole

@mayaoyew

·

74 Followers

Follow

Edward VI's reign faced significant economic challenges, leading to various policy changes. Edward VI's economic policies on trade and exploration aimed to address financial difficulties and stimulate growth. The government implemented measures to stabilize currency, increase revenue, and expand trade routes. Northumberland's policies on English trade had a notable impact, encouraging exploration and establishing new trade relationships.

• Financial struggles led to borrowing and land sales
• Currency reforms aimed to combat inflation
• Trade issues and social unrest prompted policy changes
• Exploration initiatives sought new trade opportunities
• Poor Law of 1552 addressed social welfare concerns

04/04/2023

208

 

12/13

 

History

8

EXPLORATION, TRADE AND ECONOMY- EDWARD VI • FOLLOWING THE EXPENSE OF SOMERSET'S WAR, THE GOVERNMENT HAD NO MONEY AND HAD TO BORROW HEAVILY F

Sign up to see the content. It's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Trade Issues and Northumberland's Economic Policies

The cloth trade with the Netherlands, a crucial sector for textile workers, faced significant challenges during Edward VI's reign. A sudden drop in exports in the summer of 1551, due to trade issues in Antwerp, led to increased unemployment in textile-producing regions like East Anglia and the West of England.

In response to these economic pressures, Northumberland implemented several policies:

  1. Repealed the sheep tax of 1548 in 1550
  2. Introduced a new Treason Act in 1550 to restore law and order through censorship
  3. Enforced anti-enclosure legislation and ended unpopular enclosure commissions
  4. Passed acts to protect arable farming
  5. Enacted a new Poor Law in 1552, making parishes responsible for supporting the deserving poor

Definition: Enclosure - The process of fencing off common land for private use, often leading to social displacement and agricultural changes.

Quote: "A new Poor Law was passed in 1552. This made parishes responsible for raising money to look after the deserving poor."

These policies aimed to address both economic and social issues, reflecting the complex challenges faced during Edward VI's reign.

EXPLORATION, TRADE AND ECONOMY- EDWARD VI • FOLLOWING THE EXPENSE OF SOMERSET'S WAR, THE GOVERNMENT HAD NO MONEY AND HAD TO BORROW HEAVILY F

Sign up to see the content. It's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Expansion of Trade and Exploration

In light of uncertain trade relations with Europe, Northumberland encouraged the expansion of trade routes, marking the beginning of England's exploration era. By 1553, English ships were trading as far as the Gold Coast in West Africa.

While English ships were not yet capable of sailing around the Cape of Good Hope to reach India or China, there was renewed interest in finding a North-East Passage around the North American continent. Key developments included:

  1. Establishment of a company in 1552, supported by city merchants and Privy Council members, led by Sebastian Cabot
  2. Sir Hugh Willoughby's expedition in May 1553 to find a new route
  3. Richard Chancellor's successful journey to Archangel, establishing diplomatic ties with Ivan IV, Tsar of Muscovy
  4. Foundation of the Muscovy Company to foster trade between England and Russia

Highlight: The establishment of the Muscovy Company marked a significant milestone in English exploration and trade expansion.

Example: Richard Chancellor's successful diplomatic mission to Russia exemplifies the dual nature of these expeditions - seeking both trade opportunities and political alliances.

These exploration initiatives laid the groundwork for future expansions during the reigns of Mary and Elizabeth, significantly impacting England's global trade position.

EXPLORATION, TRADE AND ECONOMY- EDWARD VI • FOLLOWING THE EXPENSE OF SOMERSET'S WAR, THE GOVERNMENT HAD NO MONEY AND HAD TO BORROW HEAVILY F

Sign up to see the content. It's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Financial Challenges and Economic Reforms

Edward VI's government faced severe financial challenges under Edward VI's reign, necessitating urgent economic reforms. The aftermath of Somerset's war left the treasury depleted, forcing the government to borrow heavily from European bankers. To address this crisis, William Cecil and Thomas Gresham were appointed to oversee financial planning.

Key measures included:

  1. Selling chantry lands to repay loans
  2. Recalling and reissuing coinage to combat inflation
  3. Selling crown lands to generate revenue
  4. Increasing customs and excise rates

These actions were taken against a backdrop of rising population, food shortages, and social unrest following the 1549 uprisings.

Highlight: The government's financial strategies included both asset sales and monetary policy adjustments to stabilize the economy.

Vocabulary: Chantry lands - Properties associated with religious institutions that were dissolved and sold off during the Reformation.

Example: The reissuance of coinage with silver content matching 1527 levels was a direct attempt to address the inflation caused by previous debasements.

Similar content

History - Henry Vii rebellions

Quick summaries of Henry Viis major rebellions, includes background and evaluation

3

92

0

Know Henry Vii rebellions thumbnail

History - Henry VII - Rebellions

Lovell/Stafford, Lambert Simnel, Perkin Warbeck, Yorkshire Tax Revolt, Cornish rebellion

14

485

0

Know Henry VII - Rebellions thumbnail

Can't find what you're looking for? Explore other subjects.

Knowunity is the #1 education app in five European countries

Knowunity has been named a featured story on Apple and has regularly topped the app store charts in the education category in Germany, Italy, Poland, Switzerland, and the United Kingdom. Join Knowunity today and help millions of students around the world.

Ranked #1 Education App

Download in

Google Play

Download in

App Store

Knowunity is the #1 education app in five European countries

4.9+

Average app rating

15 M

Pupils love Knowunity

#1

In education app charts in 12 countries

950 K+

Students have uploaded notes

Still not convinced? See what other students are saying...

iOS User

I love this app so much, I also use it daily. I recommend Knowunity to everyone!!! I went from a D to an A with it :D

Philip, iOS User

The app is very simple and well designed. So far I have always found everything I was looking for :D

Lena, iOS user

I love this app ❤️ I actually use it every time I study.