National Government Flashcards
How long was it between Ramsay Macdonald becoming Prime Minister and the Wall Street Crash?
Less than a year
How did the National Government deal with the Depression?
Removed the pound from the gold standard
How did the removal of the pound from the gold standard effect Britain?
- Unemployment dropped from 17% to 8.5% between 1932 to 1937
- Interest rates dropped from 6% to 2%
- Rate of long term government borrowing cut by 1.5%
- Price of British goods fell by 45%, with sales up by 28% and industrial production up by 46%
What did the low interest rates cause to happen in Britain
Greater borrowing, that allowed for more investments in businesses and caused a housing boom with increased mortgages being taken out on homes and an increase in house building
How much did the pound depreciate when removed from the gold standard
$4.80 to $3.40
What economic issues did the National Government face
-Unemployment rose to 3 million in 1932
Most was long-term unemployment up from 5% to 16.4%
-Fall in union membership from 8 million to 4.5 million
-Traditional industries in terminal decline
-Unions trying to improve conditions when businesses couldn’t afford to improve conditions
Who led the BUF (British Union of Fascists)
Oswald Mosely
How many members did the BUF have
50,000 members in the 1930s
What was the goal of the BUF
To emulate Mussolini style leadership in Britain
What happened on October 1936
Battle of Cable Street. BUF marched through a street with a large Jewish and Irish community, leading to violent clashes
