The finances of the Crown and attempts at reform Flashcards
The state of the Crown’s finances
The Crown’s expenditure was rising largely due to inflation.
The Crown’s income was falling largely due to a lack of reform.
Financial weaknesses of the Crown 1603-25
When James came to power, he spent extravagantly and caused spending to double.
In 1606, Parliament approved 3 subsidies and James gave away £44,000.
By 1617, royal debt was £726,000 and the economy was entering a slump.
By 1620, royal debt was £900,000.
James’ parliament of 1621
Parliament only voted for 2 subsidies (around £144,000)
Parliament wanted their grievances heard, mainly the issue of monopolies.
James’ parliament of 1624
The subsidy Act was passed: granted a subsidy of £300,000 for war
Statute of Monopolies was passed: limited the Crown’s right to grant monopolies to individuals.
Charles’ finances
Charles planned to participate in the 30 years war.
This required financial backing for the Danes and the Dutch, construction of a force of around 6000 Englishmen and a naval attack on Spain.
Attempts at reform 1603-10
In 1609, James promised he would stop giving gifts of land and he also promised not to grant an gifts or pensions without the Lord Treasurer’s permission.
He failed to keep both of these promises.
There was also the ‘Book of Bounty’ which was a survey of Crown lands.
The issue of impositions
On the basis of a 1606 court judgement declaring that the Crown had an ‘absolute’ prerogative to issue import duties, or impositions. With that justification, in July 1608 Cecil issued the first major revision of custom duties; the Book of Rates levied impositions on 1400 items.
Cecil’s Great Contract of 1610
Cecil negotiated with Parliament and tried to get them to grant a £600,000 subsidy to James. Parliament rejected this, but Cecil said that James would accept an annual subsidy of £200,000. Parliament only agreed if James listened to their concerns about impositions.
In November 1610, negotiations on the Contract collapsed, and Parliament was dissolved.
The forced loan of 1626
Charles called a forced loan using his prerogative rights equivalent to 5 parliamentary subsidies. There was a public method of collection, and Charles personally identified himself with the loan. 76 people were imprisoned for not paying and only around £267,000 (70% of the expected amount) was collected.
