James I and his financial problems
- Created by: Lizz2002
- Created on: 11-10-20 08:26
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- James I and his Financial Problems
- Two major problems: income was insufficient and he spent too much
- Inherited problems and the inadequacy of royal finaces
- Elizabeth I sold crown lands as a temporary measure, but it decreased the income of these lands
- The subsidies from government were insufficient as the method for assessing taxpayers was outdated
- Great inflation during the 16th centaury
- A lot of corruption in the financial system
- Extravagance
- James came from Scotland, which was poorer, so he expected England to be the "land of milk and honey"
- Made friends through extravagant gifts e.g. George Villiers
- He had a wife and three children
- Spent a lot on events like funerals for Prince Henry and his daughter's wedding
- Enjoyed elaborate court festivities like masques
- The extravagance meant the government granted James less money as they thought he could just be more frugal
- Solutions
- increasing custom duties
- Very vital as custom duties accounted for nearly half of James' revenue
- selling titles
- fining Roman Catholics
- managing crown lands more efficiently
- increasing revenue from wardships
- increasing custom duties
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