Personal Rule: Finance Flashcards
What was the debt at the start of the PR?
By 1629 the debt was at £2 mil.
When did Charles end his military involvement?
1629 Treaty of Susa - France
1630 Treaty of Madrid - Spain
How did the Lord Treasurer attempt to curb expenditure?
Weston reformed court finances - but still household costs, art collection and children as well as annual subsidy to Elizabeth still remained
How did court reform and peace impact Charles politically?
Give 2 points
Puritans saw peace as tantamount as to a surrender to Catholic forces
Gentry were alienated as a result of the decline in court decadence
How did Charles increase income through royal prerogative?
Customs duties, wardships, distraint of knighthood, forest fines, recusancy fines, corporate grants - fiscal feudalism
How profitable were custom duties?
1631-35 brought in £270,000 p/a
1635 updated Book of Rates raised sum paid on goods in line with inflation
End of the decade were worth £425,000
How profitable were wardships?
Income from wardships increased by a third to £75,000
How profitable were recusancy fines?
1630 - £5,300
1634 - £26,800
How was Charles able to give grants to corporations?
A loophole in the Monopoly Act - Popish Soap Company grant earned £33,000
How profitable was the distraint of knighthood?
Raised nearly £175,000 by 1635
How did Charles impose forest fines and who did they target?
Used dubious maps and documents to exact fines for supposed encroachment onto royal land, enclosure of common land and no clear title or proof of continuous residence over last 60 years - forest fines only brought in £38,000
How much did Charles revenue increase from fiscal feudalism?
Overall it raised Charles’ income from £600,000 to £900,000
Achieved financial solvency halfway through the decade and reduced the debt to £1 mil.
Why did fiscal feudalism cause political opposition to manifest?
Charles’ extra-plmt taxation systematically targeted each important group and there was no means by which to air their grievances
What was ship money?
Tax traditionally levied in times of emergency to fund the navy
Introduced to coastal towns/counties in Oct 1634 and extended inland in Aug 1635 until 1639
Brought in nearly £200,000 p/a, the equivalent of 3 plmt subsidies
From 1634-38 collected 90% of the requested amount - outwardly most successful financial measure
Legality was even checked with the judiciary
