Finances in Stuart Britain

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  • Created by: Hanna Mc
  • Created on: 16-02-17 16:47
Why couldn't the monarch become financially absolutist?
Parliament placed stricter limits on the monarchs money income, they were the main source of income.
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Finance was not a new problem for the crown but was growing. Name 2 reasons why?
1) Expenditure was rising, largely due to inflation. 2)Crown income was falling largely due to a failure to reform finances.
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What were 2 main consequences of the crown's financial weakness?
1) It was difficult for the crown to govern efficiently and conduct an aggressive foreign policy. 2) Especially in wartime, the crown had to resort to prerogative incomes. These were not approved by parliament causing tension between crown and the PN
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What was the greatest sources of expenditure for the monarchs?
War and Foreign policy
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What was signed in 1604 ending the war with Spain and therefore reducing expenditure?
The Treaty of London
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Court spending in James' reign was _____ what it had been during Elizabeth's reign?
Double
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Why did James spend extravagantly? (in relation to his scottish reign)
He wasnt used to it in Scotland, so when he got English throne he saw England as a land of wealth and oppurtunity.
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In 16__ parliament granted James 3 subsidies and days later he had already giver _______ to 3 of his scottish friends.
1606, £44,000
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1 Ante supper in 1621 cost around _____
£3300
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Name one positive of James overspending?
It encouraged patronage.
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James received a loan of how much by whom in 1610?
£100,000, by the City of London
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Explain what the aims Cockayne project were?
A plan to reorganise the cloth trade and commission to prevent further building in London.
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What were the consequences of the Cockayne project?
A monopoly on the production and sale of finished cloth was granted to William Cockayne and therefore the Dutch refused to purchase finished cloth from England resulting in a slump in trade.
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By 1617 the royal debt was what?
£726,000
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By 1620 the royal debt was what?
£900,000
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In 1621 parliament voted james only 2 subsidies totalling to around...
£140,000
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By 1621 there was more than ______ monopolies
100
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MP's focused on Giles _______ a relative of buckingham who had abused monopolies on the licensing of inns.
Mompesson
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Bad harvests in 16__ and 16__ weakened crown finances further
1623 and 1624
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Explain the subsidy act?
Granted a subsidy of £300,000 to the crow for warfare. In order to gain it the crown had to agree it would only be used for areas of the foreign policy supervised by parliamentary officials.
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Explain the statue of Monopolies?
Limit on the crowns right to grant monopolies to individuals
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Unlike James, Charles planned to take part in which war?
30 years war
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Why did Charles anti-spanish policy require high expenditure - 4 reasons.
1) financial backing for Christian IV of Denmark to attack spanish from North germany. 2) Finance for protestant dutch. 3) 6000 english men led by Count mansfeld. 4) A naval attack on spain to capture gold shipments from south america.
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Charles planned a war expenditure of..?
£1 million
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In his first parliament he only received 2 subsidies totalling to _______. Why?
£140,000 - Because he failed to explain himself suficiently
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Rather than granting Charles customs tax, the commons only granted him the right to collect it for how long?
1 year
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Why did they only grant Charles tonnage and poundage for a year?
It was more an attack at Buckingham, as he was Lord High Admiral and the navy was dependant on money from customs duties.
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By 1629 Charles was in how much debt?
£2 million
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Who was Robert Cecil?
James' lord treasurer
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In November 1608 James promised Cecil that he would stop what?
Giving gifts of land
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In 1609 James promised Cecil he would stop what?
Granting gifts of pensions without Cecils agreement
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What was the 'book of the bounty' in 1608?
An attempt to stregnthen royal finances by ordering a survey of crown lands to make more money from them by revising their leasing policy
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What was the issue of impositions?
Cecil advised James to levy impositions to increase revenue and regulate trade, with this he issued the new book of rates.
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When did Cecil issue the book of rates?
July 1608
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How many items did the book of rates levy impositions on?
1400
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Who was John bate?
A merchant who refused to pay royal import duty on currants. He said such levy of impositions was illegal unless approved by parliament, Judges however said Charles had an 'absolute' power.
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How much did impositions become worth per year after the new book of rates?
£70,000
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At the begining of the 1610 session Cecil told parliament that crown debt stood at ______ with a current annual expenditure of _______
£280,000, with £511,000
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Cecil hoped to shock MP's into granting a _________ subsidy to cover debts and a _______ annual subsidy in exchange for some of James' feudal rights
£600,000, £200,000
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The first proposal was rejected by MP's so Cecil said James would give up a range of feudal rights for the annual subsidy including wardship. They were then prorogued for the summer but came back and declined it or accepted it?
Declined it wanting their grievances addressed on impositions
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Though James agreed to this, neither side was happy and in _________ 16__ negotiations collapsed and by ______ 16__ James dissolved parliament
November 1610, February 1611
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When was the title of 'Baronet' was introduced and how much was it?
1611, £1095
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How many Baronets were established and how much revenue did it bring in by 1614?
200, just less than £100,000
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by 1622 the title of Baronet could be bought for?
£220
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After 1618 who took charge of crown finances?
Lionel Cranfield
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What amount of subsidy did charles gain in 1625?
£140,000
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What was benevolence?
A method where charles demanded money from his subjects in emergency but it was voluntary.
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Facing financial dissiculties Charles called on forced loans that would total to around how many parliamentary subsidies?
5
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What did the public manner of collection of the forced loan ensure?
That any refusal was an open act of opposition and was seen as a 'test of loyalty'
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How many people refused to pay the forced loan?
76
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How much revenue did the forced loan take in?
£267,000
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Other cards in this set

Card 2

Front

Finance was not a new problem for the crown but was growing. Name 2 reasons why?

Back

1) Expenditure was rising, largely due to inflation. 2)Crown income was falling largely due to a failure to reform finances.

Card 3

Front

What were 2 main consequences of the crown's financial weakness?

Back

Preview of the front of card 3

Card 4

Front

What was the greatest sources of expenditure for the monarchs?

Back

Preview of the front of card 4

Card 5

Front

What was signed in 1604 ending the war with Spain and therefore reducing expenditure?

Back

Preview of the front of card 5
View more cards

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