Chapter 3

Question 1

Before James I’s reign started in 1603, what were the finances like?

Answer 1

The weakness of the Crown’s income was due to Elizabeth not updating the Crown’s sources of income.

Inflation - Due to large population growth (growing 25% between 1550 to 1600) demand for necessities outstripped supply and price of products began to inflate

Debt - James 1st had to inherit a debt of £100,000 due to Elizabeth selling crown land for war with Spain and inflation.

Taxes - Elizabeth failed to update tax assessments inline with inflation

Question 2

Financial weaknesses of the Crown 1603 - 1625

Answer 2

The Crown had to heavily rely on Parliament for subsides, if subsides weren’t given, James had to devise new means of raising money

• MPs felt as though the kings financial difficulties arose from his own extravagance, thus MPs became aggravated when having to subsidize James
• Financial struggles drove James to apply other financial strategies like monopolies which caused friction with parliament

Question 3

Name 2 of James’ strategies at reform

Answer 3

• James had kept England at peace from 1604 (with treaty of London with Spain) due to the fact he couldn’t afford to finance military action
• Robert Cecil issued a new book of rates, which was based on current prices. Impositions became worth £70,000 (equivalent to a subsidy)
• Book of rates is a book which lists the valuations of
  those items custom duties should be paid.

Question 4

Summary of James’ consequences for his financial weaknesses

Answer 4

The Crown had to heavily rely on Parliament for subsides, if subsides weren’t given, James had to devise new means of raising money

• MPs felt as though the kings financial difficulties arose from his own extravagance, thus MPs became aggravated when having to subsidize James
• Financial struggles drove James to apply other financial strategies like monopolies which caused friction with parliament

Question 5

James’ barriers to reform

Answer 5

The issue with the Political Nation raising the prerogative income the monarch worried parliament, this is due to the money mostly coming from them and it raises the possibility of the monarch just ruling without them

• James’ own extravagant spending, Due to this, his debts increased from £100K in 1603 to 600K in 1608
• James joining the 30 Years of War in 1618

Question 6

Name 2 of Charles’ financial weaknesses in 1625 to 29

Answer 6

• Financial support for Protestant Dutch
• Having to inherit James’ debt of £900k
• Due to his stubborn character and not being able to explain himself,
  he was only given £140,000 in subsides for war, when expecting £1m
• Only given tonnage and poundage for a 2 years

Question 7

Name 2 of Charles’ strategies of making money

Answer 7

• Continued collecting tonnage and poundage even after the one year grant
• By using forced loans, Charles was able to finance war (Demanding money from wealthy individual using
  his prerogative)
• Ship money meant tax levied on coastal cities and counties for in time of war