Great Depression in the United Kingdom/Timelines: Difference between revisions
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imported>Mal McKee m (moved Great Depression in Britain/Timelines to Great Depression in the United Kingdom/Timelines: renaming) |
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:: Conservative Government. Prime Minister Stanley Baldwin. Chancellor of the Exchequer Winston Churchill. | :: Conservative Government. Prime Minister Stanley Baldwin. Chancellor of the Exchequer Winston Churchill. | ||
1925 | 1925 | ||
: | : The UK rejoins the gold standard. | ||
: Bank of England increases the bank rate from 4% to 5% | : Bank of England increases the bank rate from 4% to 5% | ||
1927 | 1927 | ||
| Line 58: | Line 58: | ||
: September | : September | ||
:: Cabinet agrees 10% cut in unemployment benefit. | :: Cabinet agrees 10% cut in unemployment benefit. | ||
:: | :: The UK leaves the gold standard | ||
:October | :October | ||
:: General Election: Conservative 470 seats, Labour 32 seats, Liberal 35 seats. | :: General Election: Conservative 470 seats, Labour 32 seats, Liberal 35 seats. | ||
Revision as of 14:39, 6 July 2012
1919
- Coalition Government Prime Minister David Lloyd George [1]
- Bank of England raises discount rate from 5% to 6%
1920
- Post-war recession [2].
- Montagu Norman becomes Governor of the Bank of England
- Bank of England raises its discount rate to 7%
1922
- April
- Economic and Monetary Conference recommends return to the gold standard [3].
- October
- General Election: Conservative 344 seats, Labour 142 seats, Liberal 62 seats.
- Conservative Government. Bonar Law Prime Minister
1923
- May
- Conservative Government. Prime Minister and Chancellor of the Exchequer Stanley Baldwin[4].
- December
- General Election: Conservative 258 seats, Labour 191 seats, Liberal 158 seats.
1924
- January
- October
- General Election: Conservative 412 seats, Labour 151 seats, Liberal 40 seats.
- Conservative Government. Prime Minister Stanley Baldwin. Chancellor of the Exchequer Winston Churchill.
1925
- The UK rejoins the gold standard.
- Bank of England increases the bank rate from 4% to 5%
1927
- Bank of England bring bank rate down t o 4.5%.
1929
- Bank of England raises the bank rate from 4.5% to 5.5% - and briefly to 6%.
- May
- General Election: Conservative 260 seats, Labour 287 seats, Liberal 59 seats.
- Minority Labour Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer Phillip Snowden
- October
- Wall Street crash.
1930
- Bank of England reduces the bank rate from 5% to 3%.
- January
- Economic Advisory Council - holds 13 meetings without reaching agreement.
- May
- Mosely Memorandum - rejected.
1931
- May
- Collapse of Kreditanstalt bank in Austria sparks a run on banks
- July
- Report of the Macmillan Committee on Finance and Industry - draws attention to the large volume of London's short-term liabilities.
- May Report - forecasts a large budget deficit and recommends a £96m cut in public spending by public sector salary reductions and in Unemployment Benefit.
- Run on the pound and heavy withdrawals from the Bank of England's gold reserves[7].
- August
- Bank of England announces that a credit of £50m. has been arranged with the Bank of France and the Federal Reserve Bank of New York
- Cabinet disagreement over Phillip Snowden's proposed 10% cut in unemployment benefit.
- The Cabinet dissolves and Ramsay Macdonald sets up coalition with the Conservatives.
- National Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer Phillip Snowden.
- Bank of England increases the bank rate from 3% to 6% and sterilises gold outflows.
- September
- Cabinet agrees 10% cut in unemployment benefit.
- The UK leaves the gold standard
- October
- General Election: Conservative 470 seats, Labour 32 seats, Liberal 35 seats.
- November
- £ exchange rate falls to $3.40.
- "National " Government Prime Minister Ramsay McDonald, Chancellor Neville Chamberlin
1932
- The Exchange Equalisation Account created.
- Bank of England reduces the bank rate from 6% to 2%.
- General tariff of 10% on imports.
1933
- World Economic Conference: US vetoes international currency stabilisation [8].
1935
- National Government Prime Minister. Stanley Baldwin, Chancellor of the Exchequer Neville Chamberlin.