Great Contract

In England, proposal of the Lord Treasurer Robert Cecil 1610 that the Crown's old feudal revenues be replaced with a fixed annual income of £200,000. The king's debts, a further £600,000, were also to be paid as part of the proposal which was intended to regularize government income. Although the scheme was initially accepted by the Commons, negotiations broke down as James feared that the sums may not be sufficient and was reluctant to surrender power while parliament was concerned about granting the Crown too much financial independence.