James I

Question 1

Inherited by Elizabeth

Answer 1

• Debt of around 420,000
• An expensive war with Spain
• Failing tax system due to lack of updating assessments in line with inflation
• Elizabeth and her predecessors had sold off crown lands (rent had also not been changed with the rate of inflation) - prices had risen by 500% over 16th century.
• Members of the political nation would under assess the amount they earned e.g. Buckingham claimed that he earned £400 but his income in 1623 was £15,000 -This meant that James would receive less when given subsidies by parliament.
• Population increased from 2.5 million to over 4 million from 1500-1603
• James had more expenses as he had to maintain a wife and children - Henry was given £25,000 annually as the heir of the throne. This made ordinary income inadequate for his royal expenses.

Question 2

James’ personal extravagance

Answer 2

James completely overestimated England’s wealth

He described himself as a “poor man…now arrived at the land of promise”

Believed in royal magnificence.

1603-7 – spent £185,000 on jewels

By 1610 – royal expenditure doubled

1606 – gave £44,000 to 3 Scottish friends

Parliament didn’t appreciate a foreign King carelessly spending English wealth.