James I and Finance

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James I and Finance

Advantages

  • Peaceful foreign policy which reduced cotsts
  • Cecil reformed the collection of customs duties- farmed out the collection process
  • 1604 Book of Rates updated to recognise patterns of trade
  • Sailsbury collected outstanding debts to the crown (e.g. recusant fines)
  • Cecil managed the royal woods more effectively
  • Book of Bounty was drawn up
  • Sailsbury sold off titles (made over £90,000
  • Cranfield reformed the Court of Wards
  • Increased taxation would have risked rebellion

Disadvantages

  • Was left £100,000 debt by Elizabeth
  • Irregular subsidy grants, could only be collected when parliament was agreed
  • Inflation of food prices
  • Also a decline in subsidies due to locals often didn't collect it efficently
  • James' extravagance with his favourites, he was giving away £80,000 a year, Ante-supper costing £3200
  • Royal wardrobe expenditure quadrupled
  • Had children so needed more money e.g. Henry's funeral and Elizabeth's marriage in 1612 cost £116,000
  • Great Contract, Parliament to pay off James' £600,000 debt and pay him £200,000 a year, Parliament refused due to distrust of James and conservatism
  • Cockayne Project failed, the Merchant Adventurers blamed James, they lost Dutch trade and leaders to the crown
  • Suffolk and Cranfield were both corrupt and James didn't do anything about it
  • 1623 trip to Madrid cost £50,000 and achieved nothing

Evaluation

James being unable to curb expenditure meant that any reforms that were made were meaningless, he left Charles with a debt of £1 million and spent more in peace time than Elizabeth did in war

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