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How did customs duties on wool help finance Edward I's government?
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Edward I
Edward I, watercolour, 15th century; in the British Library (Cotton MS. Julius E. IV).
Edward I faced significant financial challenges, including debts from his crusade and the high costs of his military campaigns. To secure a stable revenue stream, he negotiated a grant of export duties on wool, woolfells, and hides in 1275.
This system provided an average of Β£10,000 annually, which served as a reliable financial foundation for his government. Edward leveraged these customs revenues as security to borrow extensively from Italian bankers, allowing him to fund his administration and wars. While these duties were essential, they were part of a broader fiscal strategy that also included taxing movable goods, often granted through Parliament.1