When james came to the throne in 1603, he faces many financial problems: he had inherited an empty treasury and debt of over £400,000 from Elizabeth, after her wars with Spain and Ireland. The cost of running the country was increasing sharply. This also meant that the fixed payments that Kinsa were paid were now lower in value. James was extremely generous with his money and always needed money from Parliament. In 1610, Cecil came up with a contract which he hoped would help royal finances once and for all but however, James didn't think that the £200,00 that Parliament offered him was enough so instead he asked for an extra £200,00 which parliament denied and James dismissed them. In 1614, James called another Parliament which is called the 'Addled Parliament' because it was of no use at all. James called the Parliament because he needed money once again and Parliament didnt agree with giving him money so he shut them down. One of his favourites George Villiers, who later becomes Duke of Buckingham, was very close to James and James spent a lot of money on Buckingham and his family. James also blamed his lack of money on the fact that he had a family and Elizabeth was single and had nobody else to pay for but herself whereas James had his wife and children plus the running of the country.