Alas then, with many lamentations, for now the well-peopled city of Boulogne has been destroyed! But with the greatly renowned king living such evils would not have fallen upon our men, and in the face of him our enemies would not have accomplished with a bold spirit their scheme to do harm to the English, who all at any rate now give due honour to the king. It is worthy to praise him with many words. To the man distressed by the many troubles of the nation, happiness belongs to a far-off time,

Four days after the fall of Boulogne Charles V concluded a separate peace with France. Henry was left alone to face a French counter-offensive against Boulogne and raids on the English coast. Rather than give up his trophy, Henry maintained a large garrison in Boulogne and greatly augmented its fortifications, at huge expense. The costs of the war, which also involved major campaigns against Scotland, totalled more than £2,000,000, vastly exceeding the sums raised through taxation and forced loans to pay for it. Henry was compelled to borrow money from the bankers of Antwerp, debase the currency, sell the bulk of the lands the Crown had acquired through the Dissolution of the Monasteries and order the expropriation of chantries and collegiate churches in order to meet his costs. In June 1546 he finally made peace with France, securing an annual subsidy and possession of Boulogne until 1554, when the French were to buy it back for £600,000, a sum reflecting the cost of the town's new fortifications. In the event, following renewed war after Henry's death, Boulogne was handed over by the Duke of Northumberland's regime in 1550 for only £133,333, a fraction of the money Henry had spent on it.