James contributed to his financial problems by his growing and uncontrollable extravagance
James spent over £185,000 over jewellery in nine years.
James also added 200 courtiers to the Royal household
Also spent on tournaments and masques - in 1621 it cost £7000 to kit Charles I out for the accession day tournament
He contributed to financial problems by the amount he spent on his favourites
due to upbringing by Scottish lords he was well taught but his emotional needs not met
he was insecure this led to him giving lavish presents to his friends to maintain their friendship
James Haye, Earl of Carlisle - invented the ante-supper where whole meal prepared then removed and discarded one cost over £3000
One estimate was that Hay received gifts totalling £400,000, a year's Royal income
by 1610 James was giving away £80,000 a year to friends and supporters whereas Elizabeth had given £30,000
He was overspending as he had to maintain two other households
He had to maintain the households of his wife Anne of Denmark and his eldest son, prince Henry
When Henry died 1612 given an elaborate funeral, following year had to pay for the wedding of his daughter, Elizabeth. Both events cost him £112,000
The failure of the great contract
Salisbury persuaded James to summon parliament in 1610 and put proposals before them this was known as the Great Contract
Salisbury suggested that parliament should pay off royal debts, calculated at £600,000 and pay James £200,000 a year
James also came under some pressure not to agree to Great contract - sir Francis Bacon - told him it was unkingly to haggle with his subjects
Sir Julius Ceasar argued that £200,000 was not much more than the revenues being given up and that its value would fall some more due to inflation
The Great contract was a missed opportunity
Failures of financial decisions
The Cockayne project caused disruption to the wool trade and resentment from the Dutch - took time for cloth industry to recover
The Cockayne project also led to Dutch being able to buy back Brill and Flushing at a reduced price of £250,000 - less than half the outstanding debt
Did not benefit from rises in the market due to farming out contracts to collect in taxation and customs
