James I and his financial disputes

  • Created by: Lizz2002
  • Created on: 11-10-20 09:00
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  • James I and his financial disputes
    • In each dispute, the government was concerned that James would become financially independent
    • Impositions
      • Extra impositions were imposed on goods to raise extra revenue
      • John Bates lost his case against impositions in the Court of Exchequer
      • Parliament challenged the ruling in 1610. James was hoping for a large grant from the Great Contract so he agreed that there would be no new impositions without government's consent
    • The Great Contract 1610
      • The Lord Treasurer proposed that James would surrender his income from his prerogatives and parliament would pay his debts (£600,000) and give him a set income of £200,000 a year
      • Government was divided over paying James' debts
      • James was reluctant over giving up prerogative rights
      • Negotiations fell through and a great opportunity was missed
    • The Cockayne Project 1614
      • James handed over the monopoly on cloth to Cockayne's company
        • They're idea was to export finished cloth which adds more value
      • Cockayne failed as he had no experience with cloth
      • The monopoly was sold back to the original company
      • This made the merchant class very angry
    • Monopolies
      • Courtiers were able to buy monopolies for a lot of profit
      • James' heeded to the MPs to an extent in 1621 and cancelled 20 grants
    • Reforms of Cranfield
      • Lord Treasurer in 1621
        • was initially successful in  improving the financial situation
      • Faced opposition from ministers like Buckingham as they were making less money
        • Was impeached as Buckingham was James' favourite


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