The financial problems of James I

  • Created by: gemshort
  • Created on: 14-05-18 13:14

James had reduced royal spending by ending the war with Spain in 1604, however, he struggled to keep royal finances healthy

  • The country was undertaxed - many nobles undervalued their own wealth in order to reduce their tax burden and the tax collection system was inefficient
  • Since 1540, England had been experiencing inflation
  • Between 1603-1608, £600,000 was spent on maintaining an army in Ireland
  • There was no salaried civil service, so patronage was used as a means of rewarding those who served the King
  • James inherited £100,000 in debt
  • Court expenses increased under James and he was known for his extravagance

James' sources of income
Ordinary revenue

  • Crown


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