3) James' financial issues

Question 1

Main financial issues (6)

Answer 1

• coin clipping
• royal expenditure
• inflation
• old financial system
• inherited debt from Elizabeth
• growing population under taxed

Question 2

Forms of crown income (4)

Answer 2

• parliamentary subsidy (for emergencies - war)
• crown lands rent
• taxes
• feudal dues (work/payment)

Question 3

Why might parliament want more control over King’s income? (3)

Answer 3

prevent absolutism & subsidies meant taxing Political Nation (themselves) & Elizabeth’s debt

Question 4

4 main reasons James had financial issues

Answer 4

1. debt
2. inflation
3. extravagance
4. declining subsidies

Question 5

2 consequences of financial problems

Answer 5

1. difficult for Crown to govern efficiently

2. Crown had no way of raising wartime funds than Parliament

Question 6

James’ extravagant spending

Answer 6

• gave money to Scottish faves

- ante-suppers

Question 7

Cockayne project 1614

Answer 7

reorganise cloth trade & prevent building in London - monopoly granted to Cockayne but scheme failed

Question 8

James’ 1621 Parliament

Answer 8

only two subsidies in case of 30 years war involvement

Question 9

What further weakened crown finances during James’ reign ?

Answer 9

• exploitation of monopolies

- bad harvests 1623/4

Question 10

what was the subsidy act?

Answer 10

£300,000 for warfare subsidy as long as money used only for agreed foreign policy

Question 11

what was the statute of monopolies?

Answer 11

limited Crown’s right to issue monopolies to individuals

Question 12

conclusion

Answer 12

finances worse in 1625 than 1603 = extravagance & monopolies/impositions & no systematic reform