England's biggest asset early on are Hobilers. They're pretty crap but against spearmen, UMs and peasants they're battlewinning. Couple units of Hobbies are 10x better then a dozen units of spearmen/UMs/peasants
Agreed almost entirely with you until you said that.

Personally Id rather have a dozen units of Spearmen than a couple of units of light cavalry, how exactly is 80 hobilars meant to rout over 1000 spearmen?

with England's meager holdings.

England has some very good holdings especially in France. Normandy is a rich farming province, Aquitaine is a strong trade power in southern France and even Anjou is fairly profitable. Later on Northumbria and Mercia can dominate North sea trade with a good base of income in Wessex. It costs alot of money but you have to spend money to make money as they say. Besides England often recieves subsidies from the Papacy early on those gifts of 1000 florins can be very useful.

As England I suggest aggression early if Flanders can be taken and held Englands economy is secured, then taking Brittany and Champagne will almost certainly send France into civil war. I attack Flanders with FMAA's and Frydmen with a top general then let the French counter attack wiht their UM and peasant heavy armies.

Englands position is far more favourable than most people give it credit for financially, France is one of the richest parts of the entire map. Despite Englands territorial expansion in the high period I still prefer to play them in the Early period as later on Englands enemies are far more advanced than in early times.