Great Depression in the United Kingdom/Timelines: Difference between revisions
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imported>Nick Gardner No edit summary |
imported>Nick Gardner No edit summary |
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| Line 45: | Line 45: | ||
:July | :July | ||
:: May Report - recommends a £96m cut in public spending y by public sector salary reductions and in Unemployment Benefit. | :: May Report - recommends a £96m cut in public spending y by public sector salary reductions and in Unemployment Benefit. | ||
:: Run on the pound and heavy withdrawals from the Bank of England's gold reserves[http://www.nber.org/papers/w6563].. | :: Run on the pound and heavy withdrawals from the Bank of England's gold reserves[http://www.nber.org/papers/w6563]. | ||
:: Bank of England raises its discount rate to 4.5% | |||
:August | :August | ||
:: Cabinet disagreement over Phillip Snowden's proposed 10% cut in unemployment benefit. | :: Cabinet disagreement over Phillip Snowden's proposed 10% cut in unemployment benefit. | ||
Revision as of 10:45, 2 March 2009
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
- Britain rejoins the gold standard.
1929
- 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
- Bank of England raises the bank rate from 4.5% to 5.5%
- October
- Wall Street crash.
1930
- 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
- May Report - recommends a £96m cut in public spending y 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].
- Bank of England raises its discount rate to 4.5%
- August
- Cabinet disagreement over Phillip Snowden's proposed 10% cut in unemployment benefit.
- Labour Government Resigns.
- National Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer Phillip Snowden.
- September
- Cabinet agrees 10% cut in unemployment benefit.
- Britain leaves the gold standard
- October
- General Election: Conservative 470 seats, Labour 32 seats, Liberal 35 seats.
- November
- "National " Government Prime Minister Ramsay McDonald, Chancellor Neville Chamberlin
1932
- 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.