James' Financial Inheritance
- Created by: Toomuchrevision
- Created on: 17-04-19 09:39
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- James' Financial Inheritance
- At the start of James reign, Elizabeth left a debt of £400,000 but it was also covered by a parliamentary subsidy of £300,000 granted in 1601
- But was still being collected during James' succession
- In addition to this Elisabeth's war with Spain meant inflation was a serious problem
- She: - Spent less - Sold of crown lands worth £800,000 (this impoverished the crown) - Put of rewarding courtiers (lots of pressure for James' to reward courtiers) - Relied on unpopular selling of monopolies > sole right to sell goods or provide a service
- In addition to this Elisabeth's war with Spain meant inflation was a serious problem
- But was still being collected during James' succession
- Ordinary Revenue > king was not provided with sufficient funds from financial system > expected to live of it's own
- Feudal dues: Leftover from the Middle Ages > 2 major feudal dues were wardship & purveyance
- 1) Wardship = crown looked after an estate if the owner died leaving a minor (heir under 21) or a woman
- This right though was often sold by the crown and the new guardian would try to get money from the ward's estate > often financially disastrous for estate
- 1) Wardship = crown looked after an estate if the owner died leaving a minor (heir under 21) or a woman
- Feudal dues: Leftover from the Middle Ages > 2 major feudal dues were wardship & purveyance
- At the start of James reign, Elizabeth left a debt of £400,000 but it was also covered by a parliamentary subsidy of £300,000 granted in 1601
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