Charles I: Finance Flashcards
What did Charles initially want from the 1625 plmt?
Intended to join the 30 years war and meet his planned expenditure of £1 mil.
What did the 1625 plmt grant Charles?
2 subsidies worth £140,000 for a naval expedition - refused to give more until it saw results
What did the 1626 plmt grant Charles?
Nothing - the MPs refused to vote on subsidies without the impeachment of Buckingham
What measures did Charles resort to after little funding from the 1625 and 26 plmts?
Give 3 points
Turned to City of London for a loan - only receive £20,000
Asked for a benevolence - very few noblemen paid in
Instituted the Forced Loan
How rare were forced loans and what made Charles’ different?
Not particularly - had been part of the royal revenue scheme under James
Never had been used as a replacement for a plmt subsidy however - also applied to all those subject to plmt taxation, not just a few wealthy individuals
How financially successful was the Forced Loan?
It was assessed at the rate of 5 subsidies bringing in £267,000 to fund Buckingham’s invasion fleet against France - ultimately only around 70% was collected
What opposition did the Forced Loan face?
Chief Justice Carew refused to give an unconditional sanction on its legality and was dismissed
JPs and Lord Lieutenants who refused to collect the levy were replaced
76 gentlemen were imprisoned for non-payment
How did the 5 Knights Case come about and how did Charles deal with it?
Nov 1627 - 5 of the 76 gentlemen imprisoned for not paying the Forced Loan claimed habeas corpus
Charles had them tried and judgement was in favour of his prerogative - falsified records to support his decision
Why was Charles forced to call another plmt in 1628?
He had sold off crown land and borrowed in advance of receipts but these measures did not meet the needs of war
What limits were placed on Charles’ prerogative in the 1628 plmt?
Give 2 points
Petition of Right dictated forced loans could no longer be implemented
3 Resolutions called Charles right to custom duties into question - formed a large proportion of royal income and threatened him with bankrupcy
What political impacts did Charles’ involvement in the war have?
Met 4 times in his first 4 years - more than any other monarch which showed his desperation for money
Financial reform was not prioritised due to war and legally dubious revenue methods
Fiscal policies lost PN support and made it harder for Charles to acquire funds later - worse relations and subsequent limits on taxation
