Chapter 3: finance Flashcards
Treaty of London: date?
1604
Treaty of London: details and impact?
End to the Anglo-Spanish wars
Significantly decreased crown expenditure
Impositions case: date?
1606
Impositions case: details and impact?
John Bates refused to pay royal import tax on currants- tested royal prerogative
Exchequer court declared crown had ‘absolute prerogative’ on imports and did not need parliament’s permission. Crown extended impositions and increased rates.
1608 & 1609 promises to Cecil
For James I to stop giving gifts of land, and not give gifts of pensions without Cecil’s approval
James kept neither of the promises
Book of Bounty: date?
1608
Book of Bounty: details and impact?
Survey of crown lands to review and revise leasing agreements
James kept giving gifts of land which undermined this and led to Cecil selling crown lands and having to use deficit borrowing. More effective in the long term
Book of Rates: date?
1608
Book of Rates: details and impact?
Cecil revised the book of customs duties which had fixed rates and had not been updated since 1558 so did not account for inflation
Crown gained £70,000- eq. to parliamentary subsidy. Threatened parliaments power over tax and they worried the king would become self -sufficient
The Great Contract: date?
1610
The Great Contract: details and impact?
Cecil negotiated contract with parliament for financial reform. Explained debts and asked for £600,000 subsidy. They granted £200,000 per annum if James gave up some feudal rights like wardship
Gave up right to pass impositions without parliament’s permission. Wasn’t enough for most MP’s. James prorogued parliament for the summer so it didn’t pass
Knighthoods: date?
1611
Knighthoods: details and impact?
James granted too many knighthoods so the title devalued. 1611- created new title ‘Baronet’ open to anyone who paid
it also devalued over time so it was only a short term solution
The Cockayne Project: date?
1614
The Cockayne Project: details and impact?
Attempt to reorganise the cloth trade. James granted monopoly on cloth manufacturing and trading to William Cockayne
Failed, Dutch refused to buy cloth from Britain due to increased prices (due to monopoly)