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James I and Finance - Coggle Diagram
James I and Finance
Extravagance
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James' wardrobe stylist received gifts costing £400,000
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James spent £185,000 on jewles over 9 years
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No expenses were spared when it came to family, James' daughter Elizabeth's wedding costing £116,000
James' Treasurers
Robert Cecil 1608-1612 ~ tried to increase revenue by; surveying crown lands ~ managed royal woods effectively this increased income, 1608 revised book of rates, 1610 The Great Contract ~ That parliament should pay off royal debt \ it failed & inflation continued to erode the value of income = no fund for emergencies, Sale of Titiles ~ titles were no longer given out they were sold to the highest bidder.
Thomas Howard 1614-1618 ~ tried to increase the kings income by; The Cockaye Project ~ A Scheme to make profit from cloth exports / James forced to end scheme as Cockaye's aim was to seize the trade of merchant adventurers.
Thomas Sackville 1604-1608 ~ tried to increase the kings revenue through; The Great Farm of Customs 1604 ~ Sold to merchants for 7 year lease & farmers paid 120,000. By 1614 1/2 of James Revenue = customs duties, The new Book of Rates ~ higher charges and adjustments because of pattern of trade.
Lionel Cranfeild 1618-1624 ~ tried to manage James' revenue through; negotiating coustoms, cutting government expenditure & cutting military costs. Saved about 100,000 a year due to cuts in pensions and military.
Inherited Problems
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Subsidy had declined drastically in 1621 from £137,000 to £72,500
The UK was generally under taxed e.g. the Duke of Buckingham was under taxed bacuse he was an friend of James
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