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11 Cards in this Set
- Front
- Back
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how much did James spend annually on musicians |
7000 |
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how much did James spend renovating Whitehall Palace |
50,000 |
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3 main financial problems facing James |
Elizabeths Legacy Own extravagance Weak economic conditions (inflation and low value of subsidies) |
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Give an example to prove James’ extravagance |
Expenditure on the royal household doubled by 1610 |
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When was the Book of Bounty issued, and what was it meant to do? |
1608 – cut royal expenditure |
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Extravagance |
On average spent £36,000 p.a on clothes- 75% over budget- In 1606 gave over £47,000 away in gifts- Biggest problem: Scots received £40,000 p.a / vs Eng £10,000 from 03-10- Needed to spend more as a new King to impress but went too far. |
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Levels of Crown Debt |
- £422,000 in 1603- £800,000 in 1606- Partly explained by new King needing to impress, gifts to courtiers etc- Larger household, cost £80,000 p.a more than Elizabeth's had (family etc).- Large amounts of extravagance involved |
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sale of baronets |
- 1st Sold in 1611- New title created- sold for £1095- Raised £90,000 by 1614- Were designed to be exclusive but because of financial rewards James kept selling- made him slightly unpopular |
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Ordinary and Extraordinary |
- Ord: Money the monarch expected to collect on a regular basis from own means- Mainly land rent/£ justice/ impositions- Ext: Called in emergency or unexpected event (wedding etc), granted by Parliament- Main example: subsidies / forced loans |
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How much was offered by parliament, and demanded by James in the Great Contract negotiations |
Parliament offered £200,000 per year. James demanded another £200,000 |
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What was James' annual difference between income and expenditure? |
£334,000 |
