Henry VII & Economic Development

Trade Under Henry VII

Henry VII wanted to increase England's wealth. This would make the kingdom stronger. Henry VII believed improving trade was essential to achieve this.

Decreasing the raw wool trade

In 1489, Henry VII limited the export of English raw wool and made it illegal for foreigners to buy English raw wool for use on the continent.

Increasing England's cloth exports

Henry VII believed that Burgundy (a region in modern-day France) was England’s gateway to trade with the continent.
In 1496 Henry VII signed the Intercursus Magnus treaty with Burgundy.
It allowed English merchants to trade freely throughout Burgundy, except in Flanders.

Increasing England's Mediterranean trade

Mediterranean trade included valuable wines, spices and silks.
Venice dominated the Mediterranean. It taxed English merchants trading there heavily.
In 1490, Henry VII cut exports of English wool to Venice but increased them to its rival, Florence. This gave Florence an advantage over Venice.
So Venice cut the taxes on English merchants trading in the Mediterranean.

Economic success

Historians have noted the incoherent nature of Henry VII's policies. They use this to argue that Henry was an opportunist and did not always have clear plan.
English cloth exports were up over 60%.
Less successfully, English raw wool exports were down only 30%.
- 50% of England’s exports were still carried in foreign ships.
But England’s trade was still very small compared with the Hanseatic League, Venice and Spain.

Henry VII and Exploration

Christopher Columbus, on behalf of Spain, discovered the New World in 1492. This led Henry VII to demand English exploration as well. But English exploration in the Americas was not very successful.

Exploring the Americas

From 1492, Spain developed rich colonies in southern America, providing it with resources and markets.
Henry VII encouraged the Cabots to explore America for England.
They discovered Newfoundland and the Hudson Bay in the far north.
Newfoundland and Hudson Bay were not wealthy. But Henry VII's successor, Henry VIII, ignored them.

Expansion of the navy

Henry VII focussed on building the English navy.
He would leave his successor, Henry VIII, nine ships.

Prosperity and Depression under Henry VII

Following the draining War of the Roses, Henry VII aim was to improve England's economy.

Recovering economy

Henry VII inherited a weak economy.
This was because of the impact of the War of the Roses.
Because the economy was vulnerable, England could be damaged by poor harvests or outbreaks of disease.

Enclosure

Henry VII faced a growing problem called enclosure.
This meant that agricultural land which was once common (available to any farmer) was now exclusively owned.
Farmers could work on a larger scale and try new farming techniques. This led to an increase in production and greater profitability.
But enclosure meant many poor farmers lost their land and livelihood, and were forced to move elsewhere.

1Consolidation of the Tudor Dynasty 1485-1547

1.1Henry VII 1485-1509

1.1.1Henry VII's Consolidation of Power

1.1.2Henry VII & Succession

1.1.3Henry VII's Councils & Parliament

1.1.4End of Topic Test - Henry VII Part 1

1.1.5Henry VII & Justice, Finance & Policies

1.1.6Henry VII's Relationship with Foreign Powers

1.1.7Henry VII & Society

1.1.8End of Topic Test - Henry VII Part 2

1.1.9Henry VII & Regional Issues

1.1.10Henry VII & Economic Development

1.1.11Henry VII & Cultural Development

1.1.12End of Topic Test - Henry VII Part 3

1.2Henry VIII 1509-1547

1.2.1Henry VIII's Consolidation of Power

1.2.2Henry VIII & His Government

1.2.3Henry VIII & His Government 2

1.2.4End of Topic Test - Henry VIII Part 1

1.2.5Henry VIII & Succession

1.2.6Henry VIII's Relationship with Foreign Powers

1.2.7Henry VIII & Society

1.2.8End of Topic Test -Henry VIII Part 2

1.2.9Henry VIII & Society 2

1.2.10Henry VIII & Economic Development

1.2.11Henry VIII & Religion

1.2.12End of Topic Test - Henry VIII Part 3

2England: Turmoil & Triumph 1547-1603

2.1Instability & Consolidation 1547-1563

2.1.1Edward VI, Somerset & Northumberland

2.1.2Edward VI & Authority

2.1.3Edward VI & Relations with Foreign Powers

2.1.4End of Topic Test - Edward VI Part 1

2.1.5Edward VI & Rebellions

2.1.6Social Impact of Religious & Economic Changes

2.1.7Edward VI & Cultural Developments

2.1.8End of Topic Test - Edward VI Part 2

2.1.9Mary I & Her Rule

2.1.10Mary I & Relations with Foreign Powers

2.1.11The Social Impact of Religious & Economic Change

2.1.12End of Topic Test - Mary Part 1

2.1.13Elizabeth I & Her Rule

2.1.14Elizabeth I & Relations With Foreign Powers

2.1.15Impact of Economic, Social & Religious Change

2.1.16End of Topic Test - Elizabeth I Part 1

2.2The Triumph of Elizabeth 1563-1603

2.2.1Elizabeth I & Court

2.2.2Elizabeth & Government

2.2.3Elizabeth I & Succession

2.2.4End of Topic Test - Elizabeth I Part 2

2.2.5Mary Queen of Scots

2.2.6Relations with Spain

2.2.7End of Topic Test - Elizabeth I Part 3

2.2.8Elizabeth I & Society

2.2.9Elizabeth I & Rebellion

2.2.10Elizabeth & Economic Development

2.2.11End of Topic Test - Elizabeth I Part 4

2.2.12Elizabeth I & Religious Developments

2.2.13The English Renaissance

2.2.14Elizabeth's Last Years

2.2.15End of Topic Test - Elizabeth I Part 5

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