History - AS - James I - Financial Problems

View mindmap
  • James' Financial Problems
    • James' Extravegance
      • Spending rose to £400,000 a year immediately
        • Reached a peak of £522,000 in 1614
        • Elizabeth's annual spending was £300,000
        • Debt of £816,000 within 3 years
      • Went towards Scottish foreigners
        • Angered English
        • Lord Hay
          • James paid off Lord Hays debts
          • Held a banquet for the French Ambassador
            • Lasted 12 days and had 30 cooks
            • Food alone costed £2200 (£480,000 today)
      • Efforts of Robert Cecil
        • Issued the book of bounty 1608
          • Supposed to restrain James' personal spending
          • Prohibited the giving of major items
            • Lands, customs or impositions
          • Failed?
            • James gave cash instead
            • No one could afford to resist James for long
              • Officials valued their positions
        • 'Bent the rules' for James
          • Suggested the transfer of Sir Walter Raleigh's manor to Robert Carr
            • Robert Carr was James' new favourite
            • Gained the gratitude of the King and Carr
              • Favoured this over long term financial viability
        • The Great Contract 1610
          • Terms?
            • Parliament would give annually £200,000 to James
            • Abolish wardship, purveyance and feudal tenures
            • Impositions?
              • James could not issue new ones
              • Legalised the ones already issued
            • One-off payment of £600,000 to pay off debts
      • Generosity of Parliament early-on mislead James
        • £400,000 subsidy after Gunpowder plot
    • Structural Weaknesses
      • Continued conflicts
        • £600,000 spentg on army in Ireland between 1603 and 1608
        • Expenditure when maintaining garrisons in The Netherlands
        • Ignored by Parliament
          • Failed to appreciate problems, causing anger
          • Enabled by extravegance
      • Effects of inflation
        • Falling value of the subsidy
          • Caused by the under assessment of land
          • Fell from £130,000 in mid-16th century to £55,000 by 1628
          • Between 1606 and 1621, only 1 subsidy was granted
            • Worth under £100,000
        • Ignored by Parliament
          • Falling value of the subsidy
            • Caused by the under assessment of land
            • Fell from £130,000 in mid-16th century to £55,000 by 1628
            • Between 1606 and 1621, only 1 subsidy was granted
              • Worth under £100,000
          • Failed to appreciate problems, causing anger
          • Enabled by extravegance
      • Elizabeth's financial legacy
        • Sold crown lands when needed
          • Impoverished the crown
          • No attempt to exploit crown lands effectively
          • sold £800,000 worth of estates
        • No increase in customs duties in the Book of Rates

Comments

No comments have yet been made

Similar History resources:

See all History resources »See all British monarchy - Tudors and Stuarts resources »