Finance in the 1620s (James I)
Many financial issues caused divisions between King and Parliament in the 1620s James
- James extravagance - unable to control spending
- Assertive parliament 1621 - monopolies and the revival of impeachment - a weapon to criticise the King (used on Bacon, Cranfield and later Buckingham)
- 'Redress before Supply' - redress of grievances before supply of money (grievances = holy war and opposition to 'Spanish Match' policy)
- Failure of parliament to provide enough money for intervention in the 30 years war
- James legacy: £1million debt and mistrust over finances.
- Legacy of mistrust a key issue - parliament immediately tried to exercise control over the King's spending by granting tonnage and poundage for 1 year instead of the usual life
- Charles revenue raising methods - continued to collect t & p.
- Parliament did not provide enough money for war with Spain - leading to the forced loan - another revenue raising method that caused conflict
- FEARS OF ABSOLUTISM OVER REVENUE RAISING METHODS
- Petition of right highlighting tension between c & p
- 3 resolutions - ban on collecting tonnage and poundage LINK to religion and LINK to absolutism fears (ban on popery relates to Arminianism)
Financial issues were a MAJOR FACTOR in explaining the worsening relations between crown and parliament in the 1620s. However other factors were also contributing to this - such as foreign policy, religion and the Duke of Buckingham.