James' Financial Inheritance

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  • James' Financial Inheritance
    • At the start of James reign, Elizabeth left a debt of £400,000 but it was also covered by a parliamentary subsidy of £300,000 granted in 1601
      • But was still being collected during James' succession
        • In addition to this Elisabeth's war with Spain meant inflation was a serious problem
          • She:               - Spent less  - Sold of crown lands worth £800,000 (this impoverished the crown)     - Put of rewarding courtiers (lots of pressure for James' to reward courtiers)       - Relied on unpopular selling of monopolies > sole right to sell goods or provide a service
    • Ordinary Revenue > king was not provided with sufficient funds from financial system > expected to live of it's own
      • Feudal dues: Leftover from the Middle Ages > 2 major feudal dues were wardship & purveyance
        • 1) Wardship = crown looked after an estate if the owner died leaving a minor (heir under 21) or a woman
          • This right though was often sold by the crown and the new guardian would try to get money from the ward's estate > often financially disastrous for estate

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