Seriousness Of James Financial Problems?

Question 1

James could live on his own?

Answer 1

Debt - 100k left by Liz but could’ve been reduced with forced loans
Expenditure - extravegance like £3300 ante supper on one dinner and gifts to Scottish favourites. Attempted to be limited by Cranfield by cutting number of courses served at dinner and book of bounty 1619.
Generating cash - Cockayne Project attempted to sell cloth which only started Dutch trade war and threatened Englands only major export (wool)

Question 2

Parliament Impact?

Answer 2

Favourites - Scot favs for 400k while in debt which alienated parliament

Tax system meant crown didn’t receive all revenue due and 50% inflation (parliament subsidies worth half) were ignored by parliament. Parliament didnt want to reform the tax system either because if people were taxed more then they may not vote for the parliamentary members again.

Great Contract - failed to reach agreement which would’ve payed off crown debt and parliament blaming James extravagance solely meant they were unwilling to

Extravegance and parliament ignorance fed each other

Question 3

Impact on Policy?

Answer 3

Mansfield and Cadiz - underfunded leading to failure (gave 1/10 of what James wanted) due to distrust of James

Madrid trip - spent 120k which alienated parliament

Question 4

Overall?

Answer 4

Foreign policy, James extravegance and parliament ignorance all led to tax system not being fixed.