James 1 and his financial issues
- Created by: jesswrightlol
- Created on: 04-07-22 18:31
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- James I financial issues
- James' extravagance
- By 1603 the cost of running the country did not meet the money brought in by ordinary revenue, wardhsips,custosm,crown lands ect.
- Elizabeth spent less than 300,000 in peavce ,under james this peaked at over 500,000
- on occasion he would hold banquets of up to 30 cooks, for twelve days. food cost nealry 500,000 a day in todays prices
- robert cecil attempted to solve the issue by issuing the book of bounty
- stopped him being able to give away major items like land or customs
- this didnt work so he gave away cash and in the last foru months of 1610 he gave away 36,000 cash
- its also difficult to oppose the king if you value your psoition
- cranfield
- appointed as master of the wardrobe
- if costs fell by 22,000 just £20,000 he could keept the rest of savings
- was a sucsess, targetting waste like using candls more than once
- also attempted to stop generosities by screening grants but james couldn't resist
- woudl be fired when trying to promote his nephew which upset buckingham
- appointed as master of the wardrobe
- cockayne's scheme
- he wanted to stop monopoly of the merchant adventurers on unfinished cloth
- covinced james to prohibit the export unfinsished cloth to 'generate employment'
- netherlands just found new suppliers
- he didnt have the infrasturcture to sustain it
- indurty never recovered fully
- unemployment soared
- he wanted to stop monopoly of the merchant adventurers on unfinished cloth
- the great contract
- proposed the abolition of wardships, purveyance and feudal tenures in return for annual grant of 200,000 and a one off payment of 600,000
- commons agreed to annual grant but only 1000,00 from an already agreed subsidy
- both sides got what they want, james doesn't loose imposition and parliament maintain control over taxation
- james agreed to prevent himslef from issuing new impositions without parliamentray consent
- failure
- parliament didnt trust james to accept grant and stop pocketing feudal money
- didnt want to pay for his extravagence
- surrender of wardships and impositions limited the king on patronage ect
- parliament didnt trust james to accept grant and stop pocketing feudal money
- structural weakness
- even though there was peace w/ spain in 1604 military expenditure didnt end
- cost money to maintain garrisons in netherlands
- high levels of corruption
- officials took money for themsleves that was meant for the crown
- taxes were based on income, people would underasses themselves to avoid tax. buck who was the wealthies man in the land was wprth a meare £400
- subsidies were worth less and less, but commons blamed his extravagence
- Elizabeth avoided inflation so lowered her expenditure
- large grant after gunpowder plot made him think parliament would pay all debts
- even though there was peace w/ spain in 1604 military expenditure didnt end
- Earl of suffolk
- very corrupt
- crowns debts nearly doubled under him to 900,000
- james would dismiss him
- James' extravagance
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