3. Finance Flashcards
What were the underlying structural weaknesses of the financial situation?
A century of inflation and no updates to taxation.
What was the 1604 Treaty of London?
End of the Anglo-Spanish war.
Why did James spend lavishly?
To maintain good relations with courtiers and as England was much richer than Scotland.
How much did James give to Scottish friends in 1606?
£44,000
What was the Cockayne project?
Selling monopolies on cloth.
What was the Book of Bounty?
A survey of crown lands, aiming to revise leases and make more money.
What was the Book of Rates?
Updated prices of impositions.
What was the Great Contract?
James was to give up some feudal rights in return for a £200,000 subsidy every year.
Why did the Great Contract fail?
Crown-Parliament distrust and grievances on impositions.
Why was the new title of ‘baronet’ introduced in 1611?
James had devalued knighthoods by gifting them to courtiers.
What were the consequences of the failure of the Great Contract?
The dissolution of Parliament in 1611.
What is tonnage and poundage?
Customs tax, customarily granted to a monarch for life.
What did the Commons do on Charles’ accession to the throne, financially?
Grant tonnage and poundage for one year only.
How did Charles raise money in the early years of his reign?
Continued collecting tonnage and poundage, 1626 forced loan
What was the significance of the forced loan?
As refusal was very public, it became a test of political loyalty.
