Finances of the Crown Flashcards
Why was there financial issues at the start of James’ reign?
Inflation meant crown expenditure rising
Crown income falling bc Elizabeth failed to introduce economic reform
crown debt inherited because of Elizabeth’s significant spending
What were the consequences of Crown financial weakness?
increasingly difficult to govern efficiently and conduct aggressive foreign policy
in wartime, crown had to devise new means of raising money if Parliament didn’t approve forces loans or subsidy’s (angered the country and the PN and weakened the monarchs position)
What was the financial state of the crown at the beginning of James’ reign?
1603 - the country was in debt due to foreign policies and war. This was the greatest expenditure for the monarch.
What were the dates of James’ personal rule?
1611-1621
Treaty of London
When was it?
What was it?
Why was this important for the monarch?
1604
James I’s treaty making peace between England and Spain.
Peace treaty reduced crown expenditure.
Forms of crown income:
What were they (4 different types)?
What did they do?
CROWN LANDS - crown sold land/rented it out on long leases.
CUSTOMS DUTIES - taxes from goods imported into the country. Crown could temporarily sell the right to collect these taxes to quickly raise funds.
FEUDAL DUES - crown had right to control an estate that was inherited by an heir under the age of 21.
PARLIAMENTARY SUBSIDY - funds approved by Parliament for emergencies such as war.
Cecil’s Great Contract:
When was it?
What was it?
1610
Cecil tried to negotiate with Parliament over crown finance. Wanted £600,000 subsidy + £200,000. James must also give up some feudal rights.
Parliament rejects as does James - it’s mainly down to
Ante Supper
When was it?
What was it?
Costs?
1621
Massive party where two feasts are prepared and then one is thrown away as an example of court extravagance and wealth.
cost around £3300 (£400,000 in today’s money)
Cockayne Project
When was it?
What was it?
Success?
1614
It was the plan to reorganise the cloth trade and commission it out to prevent further building in London.
It was intended to raise funds but failed because people could not be trusted and granting large monopolies damaged the economy by creating a power imbalance.
Statute of monopolies
When was it?
What was it?
1624 - Parliament limited the crown’s rights to grant monopolies
Forced Loan
When was it?
What was it?
1626
Charles needed money to fund war with France and Spain so created the Forced Loan. People were summoned to a public meeting to pay it as a test of public loyalty but only about 70% was ever collected.
(Had to ask Parliament for money)
What 3 ways did Parliament try and limit James’ power 1621-24?
Impeachment of Francis Bacon
Subsidy Act
Statute of Monopolies
Subsidy Act
When was it?
What was it?
1624
Parliament granted a large subsidy to James (£300,000) but it was only allowed to be used on foreign policy and would be supervised by Parliament
How did the government use finance to limit/control the King?
The government had the power to limit/grant subsidies to the King, and so used this to limit his power.
At the start of James’ reign why were their significant financial problems?
Initially because of war with Spain, however after the Treaty of London 1604, there was reduced crown spending on this. However, James was still spending lavishly meaning there were still financial problems
