Finance

• James had inherited a financially weak crown despite its appearances
• However this was not the crown's fault: European inflation was on the rise and there was a decrease in crown income which had not been reformed.
• However James was also partly to blame: he was extravagant- rewarded his couriers. This created tensions. E.g: Parliament gave him 3 subsidies to help with debts and he gave £44000 away
• Cecil's reforms:

  Attempted to review cost of crown lands -Introduced the book of rates - revision of custom duties/impositions.Failure of Grand contract in 1610 permanently weakened royal finances
• Cecil's reforms 2In return for annual grant of £200000 and removal of debts £600000 the crown would give up some of prerogative income.Neither Parliament or James agreed as both believed they gave up too much.
• All alternative ways to gain money all caused tension. E.g: 1610 acquired a loan from city of London for £100000. Sought to raise money by selling honours/titles and monopolies such as Cockayne project of 1614.
• In 1621 royal debt was £726000 and by 1625 it was £900000
• The limitation of the Subsidy Act and Statute of monopolies in 1624 reveal the tension between Crown and Parliament and how Parliament was to use finance to moderate policy.
• However James had to curb his expenses by ensuring he did not follow an active foreign policy as it was too expensive. He made peace with spain in 1604 kept out of the 30 year war.