Economic issues: the Depression and financial crisis; changes to economic policy, including moving from the Gold Standard; tariff reform and imperial preference; effect on industry, agriculture and trade
The Great Depression after 1929 forced Britain to abandon old economic rules and try new ones. Governments scrapped the Gold Standard, raised import taxes, and gave preferential trade deals to the British Empire.
Real World
When Britain left the Gold Standard in September 1931, the pound fell around 25% against the dollar almost immediately — making British exports like Lancashire textiles cheaper abroad and helping some industries recover faster than economists had predicted.
Exam Focus
Distinguish between causes and effects of leaving the Gold Standard; examiners penalise answers that conflate the two in 'explain the significance' questions.
Essay Framework
Use PEEL to structure every paragraph. Tap each step for guidance and an example.
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