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
- James handed over the monopoly on cloth to Cockayne's company
- 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
- Lord Treasurer in 1621
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