Chapter 3: Finance Flashcards
Generally, what issues did the crown have with finance?
- Rising expenditures because of inflation.
- Lack of crown income.
- Not enough money for war - had to raise taxes.
What were the financial weaknesses under James?
- Spend double what Elizabeth did.
- Gave money P gave for debt to Scottish friends.
- Cockayne Project - cloth trade - failed because no-one bought the cloth.
- 1620 - royal debt at £900,000.
How many subsidies did parliament give James in 1621 for the thirty years war? why?
2 subsidies.
Worried if they gave him more they would have served their purpose and get dissolved.
(James didn’t actually join the 30 years war).
What key financial events happened in the 1624 parliament?
- Bad harvests 1623 and 24.
- Subsidy act - £300,000 given for warfare.
- Statue of monopolies - Crown has limited right to grant monopolies.
What expenditure did Charles need to spend during his anti-Spanish policy in the Thirty Years War?
- Financial backing for uncle in Denmark to fight German Catholics.
- Financial support to P Dutch.
- 6000 Englishman force.
- Naval attack on Spain to capture gold.
How long was Charles granted tonnage and poundage for?
1 year.
Why were the 1625 parliament so reluctant to give Charles large amounts of money?
- Distrusted him - he wouldn’t tell them exactly what he needed money for.
- Buckingham wasn’t very successful in foreign policy, so they didn’t want to give money to someone who would likely fail.
What was the financial situation like by 1629?
- £2million in debt.
- Charles had to get money from PN, which angered them.
What 2 promises did James make (and broke) to Cecil?
1) To stop giving gifts of land.
2) To stop granting gifts or pensions w/o permission.
When and what was the Book of Bounty?
1608 - survey of crown lands.
What was the Book of Rates?
- List of items and how much custom duties should be paid for them.
- Often fixed amounts so didn’t keep up with inflation.
When and what was Cecil’s Great Contract?
1610 - An annual subsidy of £200,000 in return for James giving up some feudal rights.
It failed because James and P distrusted each other so James dissolved them.
What reforms did Cecil produce?
- Book of Bounty.
- Book of Rates.
- Great Contract.
What was the main way in which James tried to strengthen royal finances later in his reign?
Selling knighthoods and other titles.
Just devalued the title making them cheaper - very short term.
When and what was the forced loan?
1626 - public meetings forcing people to pay.
‘Test of public loyalty’
