JAMES I FINANCE - 1603-24 - problems with finance.

A (Very) brief summary of the general situation James faced upon his assumption of the throne in 1603 and a list of the Lord Treasurers and their attempts. Suitable for AS History.

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James I and finance
As a King, James was expected to fund the costs of Kinship from his own
`ordinary' revenues such as crown lands, customs duties and profits of justice
Under extraordinary circumstances such as a royal funeral or war, he would
call parliament to demand for extraordinary revenue, generated from taxes.
Attempts at improving finances:
Earl of Dorset: 160408
Limited attempts with Cecil to improve finances.
Leased revenue collection to financiers.
Upon his death in 1608, the debt stood at over £500k
Robert Cecil, Earl of Salisbury: 160812
Sold off crown lands impoverishing the crown in the future.
However, did increase revenue in wardship.
Increased ageold customs duties Book of Rates in 1608.
Impositions Bate's Case (1606) meant that by 1608 impositions on over
1,000 goods were being levied.
Great contract ­ 1610.
Salisbury continued until 1612. Good administrator but reforms were modest.
Did check extravagance but did not reform entire system as he benefited
from it.
Earl of Suffolk: 161218
Shelved real reform and instead focused on the selling of honours.
Honours' value decreased and insulted the important aristocracy.
Impeached in 1618 for corruption.
With an escalated debt the finances were left in charge of commissioners.
Lionel Cranfield, Earl of Middlesex: 162124
Improved finances in the household and wardships in his time as a
Cranfield attacked waste, reusing candles and flags and was subsequently
Lacked reform.
Impeached in 1624 for corruption, fuelled by disagreeing with Charles and
Buckingham over War with Spain.
Left the debt escalated at over £1,000,000


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