Great Depression in the United Kingdom/Timelines: Difference between revisions
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1919 | 1919 | ||
: Coalition Government Prime Minister David Lloyd George [ | : Coalition Government Prime Minister David Lloyd George [https://www.gov.uk/government/history/past-prime-ministers/david-lloyd-george] | ||
: Bank of England raises discount rate from 5% to 6% | : Bank of England raises discount rate from 5% to 6% | ||
1920 | 1920 | ||
| Line 16: | Line 16: | ||
1923 | 1923 | ||
: May | : May | ||
::Conservative Government. Prime Minister and Chancellor of the Exchequer Stanley Baldwin[ | ::Conservative Government. Prime Minister and Chancellor of the Exchequer Stanley Baldwin [https://www.gov.uk/government/history/past-prime-ministers/stanley-baldwin]. | ||
: 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 | ||
:: Labour Government. Prime Minister Ramsay McDonald[ | :: Labour Government. Prime Minister Ramsay McDonald [https://www.gov.uk/government/history/past-prime-ministers/james-ramsay-macdonald]. Chancellor of the Exchequer Philip Snowden [http://oxfordindex.oup.com/view/10.1093/oi/authority.20110803100514641]. | ||
:October | :October | ||
:: General Election: Conservative 412 seats, Labour 151 seats, Liberal 40 seats. | :: General Election: Conservative 412 seats, Labour 151 seats, Liberal 40 seats. | ||
:: 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% | |||
1927 | |||
: Bank of England bring bank rate down t o 4.5%. | |||
1929 | 1929 | ||
::Bank of England raises the bank rate from 4.5% to 5.5% - and briefly to 6%. | |||
:May | :May | ||
:: 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 | :: Minority Labour Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer Philip Snowden | ||
: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 44: | Line 47: | ||
:: Collapse of Kreditanstalt bank in Austria sparks a run on banks | :: Collapse of Kreditanstalt bank in Austria sparks a run on banks | ||
:July | :July | ||
:: May Report - recommends a £96m cut in public spending | :: 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[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 | :: 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 | ||
:: The Cabinet dissolves and Ramsay | :: Cabinet disagreement over Philip Snowden's proposed 10% cut in unemployment benefit. | ||
:: National Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer | :: The Cabinet dissolves and Ramsay MacDonald sets up coalition with the Conservatives. | ||
:: National Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer Philip 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. | ||
:: | :: 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. | ||
:November | :November | ||
:: "National " Government Prime Minister Ramsay McDonald, Chancellor Neville | :: £ exchange rate falls to $3.40. | ||
:: "National " Government Prime Minister Ramsay McDonald, Chancellor Neville Chamberlain | |||
1932 | 1932 | ||
: General tariff of 10% on imports | : The Exchange Equalisation Account created. | ||
: Bank of England reduces the bank rate from 6% to 2%. | |||
: General tariff of 10% on imports. | |||
1933 | 1933 | ||
: World Economic Conference: US vetoes international currency stabilisation [http:// | : World Economic Conference: US vetoes international currency stabilisation [http://news.bbc.co.uk/2/hi/business/7954532.stm]. | ||
1935 | 1935 | ||
: National Government Prime Minister. Stanley Baldwin, Chancellor of the Exchequer Neville | : National Government Prime Minister. Stanley Baldwin, Chancellor of the Exchequer Neville Chamberlain. | ||
Latest revision as of 00:22, 22 April 2014
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 Philip 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 Philip 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 Philip 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 Chamberlain
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 Chamberlain.