Some financial problems were inherited from his predecessor Elizabeth I; due to the fact even though Elizabeth had been careful with her money she also liked to live in luxury and had the famous Spanish Armada which cost a large fortune (as most wars do and although Parliamentary subsidies were still coming in to cover this) which meant that things looked relatively stable (financially) in the short term but the long term was shaky and had potential problems looming.
However inflation, which James obviously had no power over, meant that the subsidies and rents on Crown Lands were not keeping pace with the increasing prices of everything else effectively making the Crown poorer. With a family to support James had more people to worry about and the fact it [finances] had always and was always going to be a controversial subject with Parliament as expenses rose – Elizabeth’s debt had been left at approximately £100,000 to £400,000.
On the other hand James could have tried to control his wish for all his extravagance, especially in his daily life, and the way he showered money on his courtiers, his favourite’s e.g. Robert Carr (later Earl of Somerset) and George Villiers (later Duke of Buckingham) and the Scots who travelled up with him – giving them land, titles and money that he couldn’t really afford. Generally believed to be his greatest weakness his spending/extravagance led to many gifts, pensions and other extravagances that led to expenditure rapidly increasing, as it is thought James never managed to realise that although England was his ‘land of milk and honey’ it had its limits.
The Essay on Elizabeth I 4
Were Queen Elizabeth I and Catherine the Great effective rulers? Were their reigns characterized as good or not so well? Disregarding the opinion of those who reigned concurrently or historians today, these two ruled their country in a time of turmoil and uncertainty! The world and the people within it were undergoing a major transition. New lands were being discovered as well as major role- ...
