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a King in an age of royal extravagance has to look wealthy to royal competitors and peers - first grade king
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James inherited Eliz’s £400,000 debt (but can be payed off with subsidies)
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Political/financial system long overdue for reform
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Eliz didn’t have an heir so didn’t update of rents, assessments for subsidies and custom duties - by 1603, worst economy in Europe
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E.g. a 50 year lease on some crown property agreed at £68/yr but actually worth £1,071
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Eliz sold crown lands and offices - impoverished James and needed to employ more people to control them
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local elites (valued land) under-assessed themselves and neighbours - reduced subsidies, mid-16th cent= £130,000 fell to £55,000 by 1628
Wife and family - cost of royal household: £64,000 (1603) to £114,000 (1610)
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