Britain abandons the gold standard
1931 · Event
After a summer of runs on the pound and a government split over dole cuts, Britain simply stops exchanging sterling for gold — 'nobody told us we could do that,' a former minister marvels. The heresy works: countries that leave gold early recover early, and the century's faith in the golden anchor never returns.
On these timelines: The Great Depression, Economic History, England, United Kingdom (combined), Master
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