James I’s Financial Problems

Question 1

How much did James I spend on maintaining his household, giving away pensions and handing out lavish gifts.

Answer 1

£520,000

Question 2

Of the £520,000 James spent per annum, what did this go towards ?

Answer 2

Household maintenance, lavish gifts for courtiers and favourites and giving out pensions.

Question 3

How much debt did Elizabeth leave behind in 1601 ?

Answer 3

£420,000

Question 4

How much of the Debt was paid by parliament ?

Answer 4

£300,000

Question 5

How did parliament pay off some of the debt left by Elizabeth ?

Answer 5

The majority of the debt was paid off by subsidies.

Question 6

What were the terms of the Great contract ?

Answer 6

James would receive £200,000 per annum, in return James would lose some feudal rights which all monarchs were meant to benefit such purveyance and wardships.

Question 7

What was the peak of James I’s debt ?

Answer 7

£800,000.

Question 8

How much was James spending on pensions per annum for his favourites and Scottish courtiers ?

Answer 8

Around £30,000

Question 9

Which earl received excessive amounts of James gifts during his early reign ?

Answer 9

Earl of Carlisle aka James Hay

Question 10

How much did James Hay ( Earl of Carlisle ) receive in gifts during James’s reign ?

Answer 10

400,000

Question 11

Who introduced the Ante-supper to James the first ?

Answer 11

James Hay, Earl of Carlisle

Question 12

In comparison how much was giving away each year ?

Answer 12

Elizabeth gave around £300,000 a way year whereas James gave away over double that of around £80,000 away.

Question 13

What was an unsuccessful part of the book of bounty ?

Answer 13

Despite the book stating that the crown was profited from giving away major items such as lands and customs. James found a way around that and gave away cash instead.

Question 14

How cash did James I give away in despite the book of bounty ?

Answer 14

£36,000

Question 15

What two things were occurring in England at the time which make James’s actions look extremely careless ?

Answer 15

Inflation
Increasing unemployment

Question 16

Which minister issued the book of bounty ? When ? What was its purpose ?

Answer 16

Robert Cecil in 1608, designed to reduce royal expenditure.

Question 17

What were the main causes of Englands poor financial suituation ?

Answer 17

James’s extravagance and generosity towards his courtiers.
Failure of the Great contract - linked to James failures in politics.
Legacy of Elizabeth
Corruption at court

Question 18

What notions did James have about England at the beginning of his reign ?

Answer 18

That England was going to be the land of ‘milk and Honey’ - he believed its wealth to be greater than it actually was.

Question 19

How much were the ante suppers worth ?

Answer 19

Around £3000 - £3600

Question 20

What did one courtier describe James’s court as being ?

Answer 20

A ‘leaky cistern’

Question 21

How much were the crown lands sold by Elizabeth worth ?

Answer 21

Around £800,000

Question 22

What did a poor tax system mean for crown revenue ?

Answer 22

It meant people could be dishonest about their earnings meaning crown revenue from tax was not what it should have been.

Question 23

What was an excuse to the increased household expenditure from Elizabeth to James ?

Answer 23

Elizabeth had lived alone, in comparison James had a family to look after and clothe.

Question 24

What nations did James believe allowed him to spend as he liked ?

Answer 24

The monarch was meant to be ‘boundless’
The divine right of kings

Question 25

Why was James partially to blame for failure of the great contract ?

Answer 25

He refused to put aside his belief in the divine right of kings as work alongside parliament.