History - AS - James I - Financial Problems
- Created by: The True John Watson
- Created on: 30-10-18 11:46
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
- Suggested the transfer of Sir Walter Raleigh's manor to Robert Carr
- 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
- Terms?
- Issued the book of bounty 1608
- Generosity of Parliament early-on mislead James
- £400,000 subsidy after Gunpowder plot
- Spending rose to £400,000 a year immediately
- 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
- Falling value of the subsidy
- Falling value of the subsidy
- 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
- Sold crown lands when needed
- Continued conflicts
- James' Extravegance
Comments
No comments have yet been made