Crown finances and attempted reform Flashcards
The book of bounty:
1608- survey of crown lands with the aim to make money from revising the leasing policy- ineffective as James gave away land to friends
The book of rates:
1608- listed official tax valuations to create imposition- angered parliament as they felt it was their prerogative to control taxes
Cecils great contract of 1610:
Cecil negotiated a contract whereby MPs would grant an instant and an annual subsidy and in return James would give up some feudal rights- neither side agreed
Introduction of ‘Baronet’:
A title that could be bought for £1095, money went to the crown
Lionel Cranfield:
1618- Took over from Robert Cecil and made savings on expenses such as the Royal household and navy
Promises to Cecil:
1608 & 1609- James promised to stop giving land and pensions without Cecile approval however he did not keep these promises.
Key Financial Issues of the early Stuart period:
- J inherits an unreformed financial system from E
- Inflation caused by price increases
- Not enough crown income but too much spending
- Parliament failed to recognise these issues, which lead to not enough taxes levied and no way of raising money for war
Tonnage and poundage:
Money from customs duties usually granted to the monarch for their whole life. However Parliament only granted it to Charles for one year. He continued to collect it unauthorised, much to parliaments annoyance
Benevolence in 1626:
Voluntary payments from subjects- Charles asked for some in 1626 but very few people paid him
The forced loan (form of royal prerogative to be used occasionally):
1626- a ‘test of loyalty’ allowing Charles to see if he could gain sufficient war funds from the political nation alone. He only received 70% of the expected amount and some judges refused to support its legality
