3. Finance Flashcards
What were the Crown’s four main sources of income?
The Crown estates, custom duties (tax on imports/exports), Feudal incidents (notably wardships) and Parliamentary subsidies (where Parliament raises taxes on behalf of the King).
Why was the Crown’s income falling in the 1500s and 1600s?
The sale of Crown properties, customs farming (privatising- selling the Crown’s rights to tax imports/exports), opposition to wardships and lower Parliamentary subsidies compared to the wealth of the nation.
How were these financial issues increasing the power of Parliament?
The Monarch is meant to live off their own income so Charles was becoming more reliant on Parliament for subsidies, therefore increasing their power as they could air their grievances to him.
What was Tonnage and Poundage?
Customs duties granted to the Monarch for life by Parliament.
What was the issue between Parliament and Charles about Tonnage and Poundage?
Parliament only granted one year of Tonnage and Poundage to Charles in order to make Charles request money from them annually, therefore calling on Parliament. Buckingham led a successful effort in blocking this so Parliament gave Charles no T + P rights at all.
What was the forced loan and why did Charles enforce it?
Charles insisted his subjects should make a gift of money to the Crown - a tax worth 5 subsidies. He did this because Parliament only granted £140,000 in subsidies out of the £1 million Charles needed for his foreign policy ventures. He asked for more and Parliament refused to in 1626 Charles dissolved Parliament and levied the forced loan.
What was the response to the forced loan?
70 gentleman were imprisoned for not paying and Charles’ supporters didn’t like it - Sir Crewe, chief of Justice of the Kings Bench, was dismissed for refusing to support it’s legality.
What was the 5 Knights case?
In 1627, 5 Knights were imprisoned for not paying the forced loan, they challenged their imprisonment saying it broke Habeas Corpus. This showed Charles’ absolutist intentions, raising taxes without Parliament’s consent and imprisoning who he wished.
