The Finances Of The Crown & Attempts At Reform Flashcards
What was the extent of British debt:
At end of Elizabeth’s reign
1603
1608
1610
1617
1627
End of James’ reign
1629
Bad, failed to reform finances
£360,000
£600,000
£680,000 (social contract & Cecil)
£726,000 (economy entering depression)
£900,000
£1 million
£2 million
How did the royal prerogative affect finances?
Gives various forms of income (worries PN)
Patronage very crucial for political system: goodwill
Gives monarch ability to spend what he likes:
James extravagant spending
James saw England as rich compared to Scotland
Charles extreme expenditure
Both have many gifts
What is an example of James’ misuse of Parliament subsidies?
1606 granted 3 subsidies for debts
Spends £44,000 on 3 Scottish friends immediately
How did James and Charles approach foreign policy expenses?
Very expensive
James ends long war with Spain in 1604
Charles enters eouropean 30 years war despite James not doing so in 1626
What did the 30 years war consist of financially?
Naval attack on Spain
6,000 force of German mercenary
Financially supported uncle king of Denmark
Financially supported Protestant Dutch
How would funds for foreign policy (30 years war) be raised?
Taxes
Forced loan of 1627 as last resort (only 70% raised, damaged crown reputation)
Subsidies form Parliament, but Parliament mostly unwilling to give
What led to the need for the forced loan?
30 years war
Failure to collect voluntary benevolence in 1626
What did the 1621 Parliament give Charles in subsidies?
What was this in weak of?
Why did this damage crown & parliament relations?
2 subsidies, totalling £140,000
30 years war
Charles didn’t explain he needed £1 million so only got £140,000 (attack on prerogative)
What was a monopoly?
What was the issue with monopolies?
Exclusive right to provide a product or service at any charge with no competition
Value decreased as too many given out
Who tried to oust Bacon through examination of monopolies?
Enemies Cranfield & Coke by impeachment on charges of corruption
What did the 1624 Parliament do to monopolies?
Limited crowns ability to grant them to individuals
What were the issues seen with tonnage & poundage during Charles reign?
Only granted to collect for 1 year
Continues to do so anyway
Continues to collect after 1628 Petition of Right which angers commons
How long had inflation been an issue?
What was it made worse by?
Century of inflation (1500-1640)
Bad harvests in early 1623 & 24
What was an issue with the tax system?
Why was reforming the tax system so hard?
Only levied on general population who have the least money
Attempts to reform system went through Parliament who were made up of the PN (exempt) so wouldn’t accept making tax equal as would negatively affect them
How did the social contract attempt to reform finances?
1610 (debt = 280,000
Cecil
Parliament would grant £600,000 for debt
Annual £200,000 subsidy
To be spent on foreign policy in wartime
Crown would give up some prerogative rights
Fails as neither James nor p like it
Cecil resorts to short-term financial fixes
