Financial difficulties - reasons for (James I)

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  • Financial difficulties - reasons for (James I)
    • Inheritance from Elizabeth
      • Debt of aprox. £100,000
      • War with Spain - financially draining
      • Increased inflation rates
      • Less crown lands (Elizabeth sold)
    • James' irresponsibility
      • Overestimated wealth of England ("land of milk and honey")
      • Huge living expense - extravagent living and big family
      • Distributed capital sums and pensions to favourites regularly (many of whom were Scottish - causing outrage from English subjects due to prejudice)
        • Parliament's uncooperative attitudes
          • Robert Cecil's Great Contract proposal 1610 - Crown would surrender certain prerogatives such as wardship, purveyance and minor revenues and in return Parliament would establish permanent taxation and grant £200,000 in subsidies
            • Parliament first demanded more reduction in royal income and then refused altogether
              • High income through Impositions (£70,000) which had unlimited levy reason for this. James offered to put a cap on the levy, or halt Impositions altogether but parliament refuses - seeing it as illegal behaviour
                • Robert Cecil's Great Contract proposal 1610 - Crown would surrender certain prerogatives such as wardship, purveyance and minor revenues and in return Parliament would establish permanent taxation and grant £200,000 in subsidies
                  • Parliament first demanded more reduction in royal income and then refused altogether
                    • High income through Impositions (£70,000) which had unlimited levy reason for this. James offered to put a cap on the levy, or halt Impositions altogether but parliament refuses - seeing it as illegal behaviour
                      • Reason for failure of Addled Parliament 1614 (refusal to grant money)
                      • Book of Rates 1608 - increased impositions by 1,200
                • Reason for failure of Addled Parliament 1614 (refusal to grant money)
                • Book of Rates 1608 - increased impositions by 1,200
    • Parliament's uncooperative attitudes
    • Issues concerning possible corruption/exploitation of monarchy's power

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