3) James' attempts to reform finance Flashcards
1604 Treaty of London
foreign policy = greatest expenditure - made peace with Spain
Who did James appoint as Lord Treasurer
Robert Cecil
Book of Bounty 1608 (Cecil)
survey of Crown lands
Cecil’s Book of Bounty failure
James continued giving out Crown lands to fave courtiers
Book of Rates 1608 (Cecil)
The prices of commodities & how much they could be taxed (raised £70,000 a year)
Cecil’s Great Contract 1610
major reform of finances, James had to give up feudal rights (prerogative income of wardship) - BUT IT FAILED = distrust
Selling of Titles
James sold title of ‘baronet’ & earldoms to raise money (after he had devalued knighthoods)
Who else took care of finances?
Lionel Cranfield - reforms of royal household & navy only short term
Reluctance of major reform
- lack of capable officials
- Political Nation had vested interest in keeping the system
