James - Finances

• In 1603, the crown had a royal debt of 400,000 that he inherited from Elizabeth
• The reason for bad finances:

  1. James' lifestyle was based around living lavishly such as his ante suppers
  2. James paid off his favourites' debts before paying off his
  3. The ways of dealing with finances weren't up to date
• The Crown gathered revenue through:

  1. Selling and renting land at a fixed rent
  2. Custom duties from goods imported into the country
  3. Monopolies
  4. Parliamentary subsidies - Monarch would be getting funded by parliament
• Purveyance is the right of the crown to buy goods and transport them at below market prices
• James' financial attempts to address finances were the Great Contract 1610, Book of Rates 1608, Book of Bounty 1608, Monopolies and the Cockayne Project 1614