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 19: | Line 19: | ||
: December | : December | ||
:: General Election: Conservative 258 seats, Labour 191 seats, Liberal 158 seats. | :: General Election: Conservative 258 seats, Labour 191 seats, Liberal 158 seats. | ||
1924 | 1924 | ||
:January | :January | ||
| Line 32: | Line 31: | ||
:: General Election: Conservative 260 seats, Labour 287 seats, Liberal 59 seats. | :: General Election: Conservative 260 seats, Labour 287 seats, Liberal 59 seats. | ||
:: Minority Labour Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer Phillip Snowden | :: 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% | ::Bank of England raises the bank rate from 4.5% to 5.5% - and briefly to 6%. | ||
:October | :October | ||
:: Wall Street crash. | :: Wall Street crash. | ||
1930 | 1930 | ||
:: Bank of England reduces the bank rate from 5% to 3%. | |||
:January | :January | ||
:: Economic Advisory Council - holds 13 meetings without reaching agreement. | :: Economic Advisory Council - holds 13 meetings without reaching agreement. | ||
| Line 46: | Line 46: | ||
:: 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]. | ||
: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. | ||
:: The Cabinet dissolves and Ramsay Macdonald sets up coalition with the Conservatives. | :: The Cabinet dissolves and Ramsay Macdonald sets up coalition with the Conservatives. | ||
:: National Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer Phillip Snowden. | :: 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 | : September | ||
:: Cabinet agrees 10% cut in unemployment benefit. | :: Cabinet agrees 10% cut in unemployment benefit. | ||
| Line 59: | Line 59: | ||
:: "National " Government Prime Minister Ramsay McDonald, Chancellor Neville Chamberlin | :: "National " Government Prime Minister Ramsay McDonald, Chancellor Neville Chamberlin | ||
1932 | 1932 | ||
: Bank of England reduces the bank rate from 6% to 2%. | |||
: General tariff of 10% on imports | : General tariff of 10% on imports | ||
1933 | 1933 | ||
Revision as of 05:20, 3 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% - and briefly to 6%.
- 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
- 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].
- August
- 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.
- 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
- 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.