Great Depression in the United Kingdom/Timelines
From Citizendium, the Citizens' Compendium
- Coalition Government Prime Minister David Lloyd George 
- Bank of England raises discount rate from 5% to 6%
- Post-war recession .
- Montagu Norman becomes Governor of the Bank of England
- Bank of England raises its discount rate to 7%
- Economic and Monetary Conference recommends return to the gold standard .
- General Election: Conservative 344 seats, Labour 142 seats, Liberal 62 seats.
- Conservative Government. Bonar Law Prime Minister
- Conservative Government. Prime Minister and Chancellor of the Exchequer Stanley Baldwin .
- General Election: Conservative 258 seats, Labour 191 seats, Liberal 158 seats.
- General Election: Conservative 412 seats, Labour 151 seats, Liberal 40 seats.
- Conservative Government. Prime Minister Stanley Baldwin. Chancellor of the Exchequer Winston Churchill.
- The UK rejoins the gold standard.
- Bank of England increases the bank rate from 4% to 5%
- Bank of England bring bank rate down t o 4.5%.
- Bank of England raises the bank rate from 4.5% to 5.5% - and briefly to 6%.
- General Election: Conservative 260 seats, Labour 287 seats, Liberal 59 seats.
- Minority Labour Government. Prime Minister Ramsay McDonald. Chancellor of the Exchequer Philip Snowden
- Wall Street crash.
- Bank of England reduces the bank rate from 5% to 3%.
- Economic Advisory Council - holds 13 meetings without reaching agreement.
- Mosely Memorandum - rejected.
- Collapse of Kreditanstalt bank in Austria sparks a run on banks
- 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.
- 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.
- Cabinet agrees 10% cut in unemployment benefit.
- The UK leaves the gold standard
- General Election: Conservative 470 seats, Labour 32 seats, Liberal 35 seats.
- £ exchange rate falls to $3.40.
- "National " Government Prime Minister Ramsay McDonald, Chancellor Neville Chamberlain
- The Exchange Equalisation Account created.
- Bank of England reduces the bank rate from 6% to 2%.
- General tariff of 10% on imports.
- World Economic Conference: US vetoes international currency stabilisation .
- National Government Prime Minister. Stanley Baldwin, Chancellor of the Exchequer Neville Chamberlain.