"How far were James I's financial problems of his own making?"
James I had serious financial problems throughout his riegn, there were a number of different factors that contributed to this.
Inheritance and Finance System
James had inherited £100 000 from Elizabeth
Elizabeth was not generous in rewarding courtiers
Elizabeth had sold off crown lands
Individuals exploited the system causing corruption
James depended on Ordinary Income
Monopolies, Impositions were the biggest problems with the system
For example, Sufolk charged with corruption and embezzlement in 1618
James was reliant on fuedal dues
In the First Parliament 1610-10, their second session granted £400 000 subsidy which was unusually genrous and misled James about what he could expect from Parliament in the future
Set a president
Were slow to accept new changes, were too conservative
The Great Contract of 1610: Parliament rejected the contract which was a loss of an oppurtunity to transform England's administrive system and place royal finances on a sound basis, a more systematic way of extracting financial support in place instead of leaving it to the more chancier and unpopular purveyance and wardship
Thomas Howard, Earl of Suffolk was Lord Treasurer from 1614-1618: despite trying to gain money through the sales of honours (earldoms were sold for £10 000) he was charged with corruption and dismissed, convicted of embezzlement. He was…