Financial weakness and reform under Charles I

• How did Charles inherit issues

  • Bad harvests and economic depression in the early 1620s
  • Royal debt stood at £900,000 in 1620
  • Charles found nothing in treasury due to 1621 and 24 Parliament not willing to give James a subsidy
• The impact of foreign policy on Charles' finances

  • Involved England in Thirty Year War and commander in chief Buckingham had several foreign policy failures which were costly
  • Reliance on Buckingham causing 1628 Parliament to attack Charles
• What happened in 1625 Parliament?

  • Charles asks for £60,000 from City of London merchants
  • Commons refused to give Charles monarch given right for life
  • Commons tell Charles he can have his monarch given right for a year which led to him dissolving parliament
• What happened in 1626 Parliament?

  • Parliament refuse to engage in financial talks and attack Buckingham instead
  • Charles dissolves parliament and starts forced loans those who refuse to pay are threatened with imprisonment or conscription into the army
• What happened in 1627 Parliament?

  • Over 200,000 raised from Forced Loans
  • A third of the expected money not collected
  • Five Knights Case, the gentry involved were told they were arrested by special command of the king and this showed royal tyranny
• What happened in the 1628 Parliament?

  Charles attempted to pass a bill that would give him 5 subsidies, the bill was passed after Charles promised to give his assent to the petition of right