James I finance

Question 1

Inherited issues

Answer 1

Struck by fall in parliamentary subsidy value - 130k to 55k
Inflation rising
Inherited 420k debt

Question 2

Extravagance

Answer 2

Took annual spending from 300k to 400k - 522k in 1614
Banquet for French ambassador - 2200
Elizabeth’s funeral - 11000
Loved jewelry and clothing

Question 3

Favourites

Answer 3

Viscount Haddington
Lord Hay
Earl of Montgomery
Paid off all their debts - 44k
created toxic relations with Parliament

Question 4

Failure of The Great Contract

Answer 4

Meant to solve all problems
Proposed by Salisbury
Annual 200k and one off 600k
Would remove wardship, purveyance and feudal tenures
Parliamentarian doubts led to it failing.

Question 5

Cockayne Scheme

Answer 5

Prohibit the export of unfinished cloth
To increase employment to finish cloth.
Allowed for customs revenue to increase.
Cloth export was biggest - one of biggest forms of income
Cockayne lied about the resources he had and the scheme fell apart