Chapter 3: finance Flashcards
Treaty of London: date?
1604
Treaty of London: details and impact?
End to the Anglo-Spanish wars
Significantly decreased crown expenditure
Impositions case: date?
1606
Impositions case: details and impact?
John Bates refused to pay royal import tax on currants- tested royal prerogative
Exchequer court declared crown had ‘absolute prerogative’ on imports and did not need parliament’s permission. Crown extended impositions and increased rates.
1608 & 1609 promises to Cecil
For James I to stop giving gifts of land, and not give gifts of pensions without Cecil’s approval
James kept neither of the promises
Book of Bounty: date?
1608
Book of Bounty: details and impact?
Survey of crown lands to review and revise leasing agreements
James kept giving gifts of land which undermined this and led to Cecil selling crown lands and having to use deficit borrowing. More effective in the long term
Book of Rates: date?
1608
Book of Rates: details and impact?
Cecil revised the book of customs duties which had fixed rates and had not been updated since 1558 so did not account for inflation
Crown gained £70,000- eq. to parliamentary subsidy. Threatened parliaments power over tax and they worried the king would become self -sufficient
The Great Contract: date?
1610
The Great Contract: details and impact?
Cecil negotiated contract with parliament for financial reform. Explained debts and asked for £600,000 subsidy. They granted £200,000 per annum if James gave up some feudal rights like wardship
Gave up right to pass impositions without parliament’s permission. Wasn’t enough for most MP’s. James prorogued parliament for the summer so it didn’t pass
Knighthoods: date?
1611
Knighthoods: details and impact?
James granted too many knighthoods so the title devalued. 1611- created new title ‘Baronet’ open to anyone who paid
it also devalued over time so it was only a short term solution
The Cockayne Project: date?
1614
The Cockayne Project: details and impact?
Attempt to reorganise the cloth trade. James granted monopoly on cloth manufacturing and trading to William Cockayne
Failed, Dutch refused to buy cloth from Britain due to increased prices (due to monopoly)
Monopolies: date?
1621
Monopolies: details and impact?
James had granted over 100 monopolies. Giles Mompesson abused his monopoly over inn licensing and was a relative of Buckingham.
Lord Chief Justice Coke used it to fuel an argument with Lord Chancellor Francis Bacon and got him impeached for bribery.
Led to an investigation into monopolies and brought back impeachment.
Subsidy Act: date?
1623
Subsidy Act: details and impact?
£300,000 subsidy to the King for warfare to only be used in specified areas of foreign policy
Parliament attempting to limit the kings spending and were monitoring him
Statute of Monopolies: date?
1623
Statute of Monopolies: details and impact?
Limited King’s right to grant monopolies to individuals
Limited King’s prerogative power
Cranfield’s Investigation: date?
1625
Cranfield’s Investigation: details and impact?
Investigated into the royal household, the navy, wardrobe, and the court of wards to reduce spending
Some money was saved but not enough to be significant
Thirty Years War: date?
1625-1630
Thirty Years War: details and impact?
Charles I got involved in 30 yrs war
Needed money for war battles from parliament, led to significant debt
Tonnage and Poundage: date?
1625
Tonnage and Poundage: details and impact?
Charles needed money for war, refused to explain or be specific.
Limited grant for customs tax (tonnage and poundage) usually granted to monarch by parliament for their whole reign. Charles kept collecting ti after his year was up.
Forced Loan: date?
1626
Forced Loan: details and impact?
Charles need war money. Forced loan equivalent to 5 parliamentary subsidies. People liable to pay it were summoned to public meeting where money was collected.
76 people were imprisoned without trial for not paying the loan. Only 70% of the expected amount was collected. Alienated his subjects and caused more tension with parliament.
