Where did James get his money from?
- Crown lands and Monopolies.
- Fuedal rights:
- Purveyance (Right for King to decide cost of goods).
- Wardship (Right forKing to guard land of a diseased land owner who's son wasn't old enough to inherit).
- Royal prerogative, Marriage and justice.
- New impositions.
- Tunnage and poundage.
- Poll Tax.
- Ship money.
Problems when James became King.
- Told he had to rely on ordinary revenue.
- Had an expensive lifestyle.
- Had a family which he had to support.
- Was too extravagant.
- inherited £100,000 debt.
- Made £816,000 debt.
- Tax collection was outdated.
- Elizabeth sold crown lands.
- Rising population.
Financial Problems by Parliament and Kings.
BRIEF PROBLEMS BY PARLIAMENT:
- Parliament greed for power.
- Great contract 1610
- Parliament removing Tunnage and Poundage.
- Parliament failure at Cadiz.
- Being unrealistic and unsympathetic.
BRIEF PROBLEMS BY THE MONARCHS:
- Cockayne project failure of 1614.
- Too extravagant, e.g. gave £44,000 to Scottish friends.
- Misusing subsidies e.g. £67,000/90,000 to friends.
- Sold honours and titles.
- 1621, £3300 Ante-supper.
- Corrupt lord treasurers like Thomas Howard.
- Failure at La Rochelle.
- Charles going to War in 1624.
- Courtiers greed.
Attempts to reform.
BOOK OF BOUNTY 1608:
- Record of properties and recommendations of what James could give people as a gift.
- Done to control his extravagance.
BOOK OF RATES 1608:
- Robert Cecil granted new impositions.
- Increased rate of payment on others, brought new prices.
- More tax on farming.
- John Bates challenged this
- Effected both Parliament and James Legal rights.
The Great Contract 1610 an Cranfield reforms.
Great Contract of 1610:
- Proposed by Robert Cecil
- King prepared to give up feudal rights for annual income of £200,000 by Parliament.
- Parliament offered lower and both sides withdrew.
- This would make James Financially independent of Parliament.
Lord Treasurer Cranfeild 1618:
- Examined Crowns finances.
- Reduced Kings household expenses by 50%
- Overall he failed and showed complexity of Crown finances.
- Impeached by Parliament thanks to Buckingham
What stopped reform?
Factors that prevented reform:
- MPs were angry that James' problems were caused by his extravagance and courtiers greed.
- Lifestye cost too much.
- Use of impositions and monopolies caused friction with Parliament.