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==Economic and diplomatic policies== Henry VII was a fiscally prudent monarch who restored the fortunes of an effectively bankrupt exchequer (Edward IV's treasury had been emptied by his wife's Woodville relations after his death and before the accession of Richard III) by introducing ruthlessly efficient mechanisms of taxation. In this he was supported by his chancellor, Archbishop John Morton, whose "Morton's Fork" was a catch 22 method of ensuring that nobles paid increased taxes. Royal government was also reformed with the introduction of the King's Council that kept the nobility in check. Henry VII's policy was both to maintain peace and to create economic prosperity. Up to a point, he succeeded in both. He was not a military man, and had no interest in trying to regain the French territories lost during the reigns of his predecessors; he was therefore only too ready to conclude a treaty with France at Etaples that both directly and indirectly brought money into the coffers of England, and ensured that the French would not support pretenders to the English throne, such as Perkin Warbeck. However, this treaty came at a slight price, as Henry mounted a minor invasion of Brittany in November 1492. This act of war was a bluff by Henry as he had no intention of fighting over the winter periods. However, as France were becoming more distracted with the Italian Wars, they were more than happy to agree the Treaty of Etaples. Henry had been under the financial and physical protection of the French throne or its vassals for most of his career prior to his ascending to the throne of England. To strengthen his position, however, he subsidized shipbuilding, so strengthening the navy (he commissioned Europe's first ever — and the world's oldest surviving — dry dock at Portsmouth in 1495) and improving trading opportunities. By the time of his death, he had amassed a personal fortune of 1.5 million pounds; it did not take his son as long to fritter it away as it had taken the father to acquire it. Henry VII was one of the first European monarchs to recognise the importance of the newly-united Spanish kingdom and thus concluded the Treaty of Medina Del Campo in 1489, by which his son, Arthur Tudor, was married to Catherine of Aragon. Similarly, the first treaty between England and Scotland for almost two centuries betrothed his daughter Margaret to King James IV of Scotland, a move which would ultimately see the English and Scottish crowns united under one of Margaret's descendants, James I. He also formed an alliance with the Holy Roman Empire, under the emperor Maximilian I (1493–1519) and persuaded Pope Innocent VIII to issue a Bull of Excommunication against all pretenders to Henry's throne. Henry's most successful economic related diplomacy came through the Magnus Intercursus (1496). In 1494, Henry had a trade embargo (mainly the trade of wool) with The Netherlands (ultimately, Margaret of Burgundy and Maximilian of the Holy Roman Empire), as he wanted to stop their support of the Pretender Perkin Warbeck. This paid off for Henry as the Magnus Intercursus was agreed in 1496 which helped to remove taxation for English merchants and significantly increase the wealth of England. However, towards the end of Henry's reign, it can be argued that he became greedy. In 1506 he agreed the Treaty of Windsor with Philip of Netherlands which also resulted in the Malus Intercursus (the evil agreement). Again, from this treaty, Henry aimed to make English trade more profitable. However, France, Burgundy, The Holy Roman Empire, Spain and the Hanciatic League became particularly annoyed with this and significantly reduced their trade with Henry. Philip also died shortly after the Treaty, which left Henry quite vulnerable and with debts of up to £30,000.
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