Finance under James I

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What was the biggest unnecessary drain on royal finances when James took the throne in 1603?
The war with Spain. James ended this in the Treaty of London in 1604.
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How much extra money would James need anually to support his own household, the Queen's, and his son's?
£80,000
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Why did Elizabeth's reluctance to spend money on patronage cause problems for James?
He needed the loyalty and co-operation of the political nation, particularly as he was Scottish. He would need to spend more on patronage now to ensure this loyalty.
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How did James see England?
As the land of 'milk and honey'. A much wealthier country than Scotland.
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In what year did Robert Cecil (Earl of Salisbury) become treasurer?
1606
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Robert Cecil reviewed the royal lands and sold the least profitable. How much did he raise?
£445,000
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Robert Cecil introduced the Book of Rates. What did this do?
Raised customs duties in line with inflation and introduced ‘impositions’ on 1,400 items. This would bring in £60,000 per year
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In what year did Robert Cecil propose the Great Contract to Parliament?
1610
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How much did the Great Contract state should be paid to the king annually?
£200,000
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What was Charles asked to give up in exchange for an annual payment in the Great Contract?
His feudal rights to wardships and purveyance.
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Why did James fail to support the Great Contract?
Any gain from the Contract would be balance by the loss of around £115,000 per year from the feudal revenues sacrificed. This hardly seemed worth it.
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Robert Cecil died in 1612. Approximately how much was the royal debt by this point?
£500,000
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Why was Robert Cecil unable to make permanent and lasting reforms to the royal finances?
James did not restrain his spending or restrict patronage. Other elements within the Court and Parliament would not support Cecil as his plans damaged their personal financial interests.
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Who was in charge of the royal finances from 1612 to 1618?
The Earl of Suffolk
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The Earl of Suffolk did not attempt to reform the existing system. He looked for other ways to raise funds including the sale of titles. How effective was this policy?
It created short-term revenue but also long-term problems. Eventually everyone who could afford a title had bought one. It offended the existing aristocracy because they felt their positions were being undermined.
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Why did the Parliament of 1614 fail to provide subsidy for James?
They wanted reform to James's use of impositions to raise funds. James was unwilling to discuss this.
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Why did the Earl of Suffolk stop being treasurer in 1618?
He was removed for corruption.
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When did Lionel Cranfield become treasurer?
1621
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Approximately how much was the royal debt in 1608, before Robert Cecil became treasurer?
£600,00
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By how much did Lionel Cranfield cut spending on the Royal Wardrobe?
By half
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How much did Lionel Cranfield raise revenue from wardships by?
25%
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Why did Lionel Cranfield stop being treasuer in 1624?
He was impeached by Parliament. James did not save him.
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Approximately how much was the royal debt by the time James died in 1625?
£1,000,000
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What financial issues were discussed by Parliament in 1610?
The Great Contract and impositions.
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The Gunpowder Plot in 1605 encouraged the 1606 Parliament to demonstrate their loyalty to the king by granting subisidies. How much did they grant?
£400,000
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After the Palatinate was invaded the 1621 Parliament was keen to demonstrate their support by granting subsidies. How much did they grant?
£145,000
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How did James react to the 1621 Parliament's criticism of monopolies?
He cancelled a number of monopoly patents, such as the licensing of inns.
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In 1624 the Parliament granted further subsidies for the war in Europe. The money was intended for...?
A naval war
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Elizabeth I's poor management of Crown lands meant that rents were what percentage below economic rental?
60%
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On average, during the first ten years of his reign, how much did James spend on his courtiers?
£60,000 to £80,000 on gifts
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In 1606, James was so pleased to have been granted a subsidy by Parliament that he...
Gave £44,000 to three Scottish courtiers
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James I made James Hay (a favourite) Master of the Robes. By how much did Hay overspend his budget in 1614-15?
75%
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James Hay invented the 'double supper'. What was this?
On special occasions a huge, delicious meal of 20 courses was laid out in front of the King’s guests, then taken away and thrown in the bin, to be replaced by an even more delicious and expensive meal!
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Other cards in this set

Card 2

Front

How much extra money would James need anually to support his own household, the Queen's, and his son's?

Back

£80,000

Card 3

Front

Why did Elizabeth's reluctance to spend money on patronage cause problems for James?

Back

Preview of the front of card 3

Card 4

Front

How did James see England?

Back

Preview of the front of card 4

Card 5

Front

In what year did Robert Cecil (Earl of Salisbury) become treasurer?

Back

Preview of the front of card 5
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