Finances of (1603-1629) (3) Flashcards
What are the 4 main forms of crown income?
Crown lands - renting/selling land
Custom duties - taxes from goods imported into the country
Feudal dues - The crown had the right to control an estate that was inherited by an heir that was under 21.
Parliamentary subsidy- funds approved by parliament.
Why was finance becoming a bigger problem for the crown?
Crowns expenditure was rising - largely due to inflation
Crowns income was falling - mainly beacuse of Elizaebths failure to reform the crowns major sources of income.
Debts from the anglo spanish war from the Elizabeth era
What were the main consequences of the crowns financial weakness?
It was increasingly difficult for the crown to gover efficiently and in particular to conduct an AGGRESSIVE foreign policy.
In wartime the crown had no alternative but to devise new means of raising money when forced loands were not approved by parliment.
A main source of tension between parliment and the crown. The crown considered destroying the right of parliament to raise taxes.
What was the great contract (1610)?
Proposed by Robert Cecil it tried to reform the crowns financial sources. Parliment and James rejected it.
Why did James reject the great contract?
Would diminish the independence of the crown and therefore dispute the DROK. He also feared depending on parliament for capital.
Both parties felt like they would lose too much.
What was the London treaty (1604)
A treaty marking the end of the Anglo spanish war. Both parties simply couldnt afford to go on and James saw himself as a peacekeeper king (later tried to repair relations with the spanish match).
What was the Ante Supper?
one of the most notorious examples of court extravagance - this involved the prep of 2 HUGE feasts one of which was used for display and then thrown away.
One example of James taking the piss with Parliment and finances?
Giving away a large chunk of subsidies Parliment gave him to repay debts to his scottish mates in 1606. Created distrust in the future when Parliment granted money.
What was the Cockayne project?
Cockayne project was a financial scheme to reorganise cloth trade and a commision to prevent further building in London.
It failed and pushed debts further down lol.
Why did James call for Parliment in 1621?
James DIDNT want to join the 30 years war beacuse of the crowns desperatley weak finances but the possibility of being involved was high anyway and so he called parliment for subsidies. They gave him a small amount but were relucantant due to the economic depression. James Dissolved the parliment.
What was the Subsidy act 1624?
This act granted a subsidy of £300,000 to the crown for warfare(30 years war). This was supervised and agreed to be purely used on foreign policy.
example of cooperation between the crown and parliment
Although it was Charles who agreed as James was old and ill
How did Charles approach the 30 year war differently to his father?
He decided to join the fight AGAINST Spain after the spanish match failed and was now married to Henrietta Maria - princess of France.
James remained neutral - peacekeeper king
How was Charles backed in the 30 year war against the spanish?
His uncle Christian IV of Denmark was financially backed to attack the catholics through northern Germany
Financial support for the Protestant Dutch
Naval attack from SOUTH AMERICA??? on Spain.
What is an imposition?
A tax or duty that was additional to the normal customs set by parliment.
What was the forced Loan of 1626?
A controverstial and unpopular tax created by Charles I to force tax on some individuals to raise money for the crown without approval from parliament.
“test of political loyalty”
The imposition of the Forced Loan was one of the factors that fueled resentment and paved the way for further clashes between the king and Parliament. It became one of the grievances that contributed to the deterioration of relations leading up to the English Civil War.
