James - finance

Question 1

James was the cause for financial issues - evidence

Answer 1

extravagance
- 1621 ante supper which cost £3300
- 129,000 spent on jewels for favourites
- spent 44,000 subsidies money on Scots

Question 2

inherited financial problems

Answer 2

• comparison to elizabeths childless frugal court - monarchs had a duty to maintain court atmosphere for international reputation - also had duties to his family
• Elizabeth sold crown lands which reduced crown income
• debt from elizabeths war in Spain - however parliamentary subsidies were granted to alleviate this in 1606, which James spent on his favourites
• increased inflation at 50% by 1603
• ineffective tax collection system

Question 3

parliaments role in financial issues

Answer 3

• subsidies not adjusted for high inflation rate
• wanted to alleviate their financial responsibility to the crown, however were not willing to agree to the great contract as they feared autocratic rule
• used extravagance to justify not giving subsidies/ limited for foreign policy that they demanded eg 30 year war 1621 parl

Question 4

financial reforms of Cecil

Answer 4

1603 - 1612

bates case allowed imposition tax - extra 70,000 a year

book of bounty 1608 - reducing gifts and pensions