Charles Yates Essay

1026 words - 5 pages

To what extent was james financial problems of his own making?

James 1st became king of England and Scotland on the 24th of July 1567. When he came into power Elizabeth the english monarch prior to him had left him a debt of £200’000 a lot of money in this time ,this however became worse after 3 years of james reign when the debt climbed to £700’000, this is down to various factors including, James extravagance, inflation and James large family. I believe that even though James could have done more to help the situation it was not his fault, i believe it was down to elizabeth debt and legacy also the inflation at the time and the relationship with parliament,that led to the main ...view middle of the document...

James got his power from the royal prerogative, this was the idea that god had chosen james to rule and only god could question his decisions. When parliament gave the king money it was known as subsides and parliament believed that he should only get these in times of war and he should live of his own income in other times,James disagreed with this,this created more tension between James and parliament and due to this tension parliament was unwilling to bail him out later in his reign.we know his relationship with parliament was not the best as he summoned and dissolved it 4 times.

James relied on his nobles for advice and money from taxes, however Elizabeth had been quite strict with her nobles and starved them of her patronage so they did not want to have another reign like it, this forced James to give them gifts of land, this led to less income for him and further rose his debt. The second issue with the nobles was that they undervalued their land, therefore they would have to pay less tax the king, this could suggest that the nobles were not to keen on James. An example of this would be land that was worth £48 during Elizabeth’s reign, during James reign was worth £12, combined with inflation really affected James finance.James however did not do anything about the fact that the nobles were limiting his income.

inflation

When James came into power England was at war with spain , james made peace with spain during the treaty of london. Historians argue that james actually always tried to avoid war and was a peaceful man. The war with spain had cost England a lot of money so it helped the financial situation when peace was made.However a few years later he tried to set up a match between spain and England and he undoubtedly...

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