attempts to reform and strengthen royal finance during the reign of James I
- Created by: Catherine1305
- Created on: 01-12-21 14:21
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- Attempts to reform and strengthen royal finance during the reign of James I
- Treaty of London 1604
- James I made peace with Spain after a long military struggle
- Success- reduced the Crown's expenditure significantly
- Failure- not gaining money
- James' promises to Robert Cecil
- November 1608- James promised Cecil that he would stop giving gifts of land
- 1609- James promised to not grant gifts or pensions without Cecil's permission
- Failure- failed to keep both of his promises
- Book of Bounty 1608
- Cecil attempted to strengthen royal finances by ordering a survey of Crown lands
- aimed to make money from these lands by revising the leasing policy
- Success- aimed to make money by revising the leasing policy
- Failure- limited nature of the Crown's Bureaucracy and James' continued granting of Crown lands hampered Cecil's efforts.
- he resorted to short term financial fixes
- Cecil attempted to strengthen royal finances by ordering a survey of Crown lands
- Impositions 1606
- Court judgement- Crown had an absolute prerogative to issue import duties
- Success- Cecil advised James that the Crown had the right to levy impositions both as a source of revenue and as a means of regulating trade
- Book of Rates, 1608
- Book that listed the official valuations on 1400 items in which customs duties should be paid
- Success- after its publishing, impositions became worth £70,000 per year, the equivalent of a parliamentary subsidy
- Failure- the book had fixed sums so wouldn't keep up with inflations
- Bates Case, 1606
- Merchant John Bates refused to pay impositions on currants - case was heard in court, judges sided with the Crown
- Success- Robert Cecil saw the judgement as an opportunity to create income. He extended impositions on a range of imports + brought the rates charged up to date with inflation
- Failure- caused tension with parliament + judge declared Monarch's prerogative on impositions was absolute
- The Great Contract 1610
- Cecil started negotiating with parliament a major reform of the Crowns finances
- Failure- it failed + worsened James' relations with parliament
- Lionel Cranfield, 1618
- Successful London merchant who took charge of Crown finances - investigated Royal household expenditure
- Success- reduced household expenditure
- Failure- not a permanent solution
- Knighthoods / Baronets
- 1603- created lots of knights
- 1611- Baronet introduced Earldoms
- Failure- devalued title of Knights. Baronets were devalued to £220 in 1621
- Treaty of London 1604
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