James 1 and his financial issues

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  • James I financial issues
    • James' extravagance
      • By 1603 the cost of running the country did not meet the money brought in by ordinary revenue, wardhsips,custosm,crown lands ect.
      • Elizabeth spent less than 300,000 in peavce ,under james this peaked at over 500,000
      • on occasion he would hold banquets of up to 30 cooks, for twelve days. food cost nealry 500,000 a day in todays prices
      • robert cecil attempted to solve the issue by issuing the book of bounty
        • stopped him being able to give away major items like land or customs
        • this didnt work so he gave away cash and in the last foru months of 1610 he gave away 36,000 cash
        • its also difficult to oppose the king if you value your psoition
    • cranfield
      • appointed as master of the wardrobe
        • if costs fell by 22,000 just £20,000 he could keept the rest of savings
      • was a sucsess, targetting waste like using candls more than once
      • also attempted to stop generosities by screening grants but james couldn't resist
      • woudl be fired when trying to promote his nephew which upset buckingham
    • cockayne's scheme
      • he wanted to stop monopoly of the merchant adventurers on unfinished cloth
        • covinced james to prohibit the export unfinsished cloth to 'generate employment'
      • netherlands just found new suppliers
      • he didnt have the infrasturcture to sustain it
      • indurty never recovered fully
      • unemployment soared
    • the great contract
      • proposed the abolition of wardships, purveyance and feudal tenures in return for annual grant of 200,000 and a one off payment of 600,000
      • commons agreed to annual grant but only 1000,00 from an already agreed subsidy
        • both sides got what they want, james doesn't loose imposition and parliament maintain control over taxation
      • james agreed to prevent himslef from issuing new impositions without parliamentray consent
      • failure
        • parliament didnt trust james to accept grant and stop pocketing feudal money
          • didnt want to pay for his extravagence
        • surrender of wardships and impositions limited the king on patronage ect
    • structural weakness
      • even though there was peace w/ spain in 1604 military expenditure didnt end
        • cost money to maintain garrisons in netherlands
      • high levels of corruption
        • officials took money for themsleves that was meant for the crown
        • taxes were based on income, people would underasses themselves to avoid tax. buck who was the wealthies man in the land was wprth a meare £400
      • subsidies were worth less and less, but commons blamed his extravagence
      • Elizabeth avoided inflation so lowered her expenditure
      • large grant after gunpowder plot made him think parliament would pay all debts
    • Earl of suffolk
      • very corrupt
      • crowns debts nearly doubled under him to 900,000
      • james would dismiss him


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