How successful was Edward IV’s management of finance?

Edward IV was ultimately successful in his management of finances, as he died solvent. However, this essay must consider Edward’s failure in consolidating power during his first reign as he was deposed in 1469, and how much this was due to royal finances. This essay can be structured through firstly looking at his first reign, and how his management of finances contributed to his fall, as well as the state of royal finances left by Henry VI. The second half will consider what Edward did to be successful. What needs to be highlighted in this essay is that the difference between the first and second reign was the focus on the Lancastrian threat, rather than dealing with domestic problems. But, after the Lancastrian threat was defeated, Edward showed personal concern for finances, leading to his success. However, what needs to be shown in both sections, is the success in the first and areas of failure in the second to ensure a well-balanced essay.  First Reign: Finances were sacrificed to neutralise the Lancastrians as Edward was in a very unstable position. His focus on the Lancastrian threat was illustrated by using the 113 attainders in 1461 as patronage rather than being used to improve finances. His use of patronage was moderately successful, as he gained the loyalty of some prominent nobles, helping him to crush rebellions like that of Hexham and Hedgley Moor in 1464. However, Edward being deposed shows that his use of patronage to gain further support ultimately failed. Therefore, it can be argued that the strength of the crown relied upon healthy finances. Edward needed to recover from Henry’s debt of £372,000, which was created through the excessive distribution of patronage, but instead of amending those errors, Edward appeared to mimic them through the excessive distribution of patronage to favourites, like Warwick. HOWEVER, Edward’s first reign wasn’t completely disastrous, as Edward appointed commissioners as early as 1466 to investigate collections of custom revenues at main ports and report abuses. This gained £25,000 within his first reign illustrating his effective managing of finances. Second Reign: The distinguishing feature was that Edward took a more personal approach through introducing new techniques and managing finances in a more systematic way. Edward’s financial policies were continued by Henry Tudor showing the effectivity of his management of finances in the second reign. HOWEVER, it is important to highlight that finances were not wholly popular and successful. His use of patronage illustrated security of the throne was still prioritised over financial stability. Also, his use of extraordinary finances, where he imposed high taxes were unpopular. Yet, Edward met his promise to live on his own and recovered the financial situation left by Henry VI.