B Flashcards
What did James I hope for in England?
a richer, a more prosperous and developed country
What was the reality of England?
sustained population increase, inflation, growth of gentry, reformation, war with Spain, shortage of money
What was the problem of multiple kingdoms?
differences in economic, social and legal traditions, hostility, rise of racial antagonism
What was the problem of finance?
inflation, lack of financials of the Crown, source of funds decreasing
What was the problem of religion?
insecure future of Protestantism, Elizabeth blocked any potential reforms
What was the problem of James’ reputation?
projected a poor image, financial extravagance, his court was seen as corrupt, many scandals with the people close to him
What were the sources of James’ income?
crown lands, wardship, livery, purveyance, new impositions and taxes
What were the main things James spent money on?
pension receivers increased, gifts and favours to favourites, expenses as a young family, expectations of extravagance
Specific examples of James’ gift to his favourites?
£200K to 11 friends in Scotland, Buckingham trip to Spain cost £50K
How much did expenditure increase between 1603 and 1610?
£26000
What financial problems did Elizabeth leave?
debt of £420K (but £300K collected from subsidies and £120K from loans), structural problems: bad system of collection and loss of estates
What was the Great Contract?
Salisbury’s suggestion that parliament should pay off Royal Debts (£600K) and give James £200K a year - for concessions over wardship and end of purveyance
Why did the Great Contract fail?
Parliament was ignorant over underlying financial issues - blinded by James’ extravagance and reputation, James was irritated and impatient
What were some of Cecil’s financial reforms?
Book of Bounty, plan to restrict James’ freedom to sell Crown lands (most valuable lands placed in legal device known as entail), New Book of Rates, right to collect duties was sold to a group of financiers
What were some of the financial reforms in 1612-18?
finances managed by commissioners, Cokayne project, money was made by James granting monopolies