"In 1925, when Britain went back to the gold standard, that was supported by the Conservative Party, the Labour Party, the Bank of England, the civil service, the CBI, the TUC, the Times, the Economist; that consensus was very strong"
- Ed Balls
About this Quote
This quote by Ed Balls is referring to the choice made in 1925 to return to the gold requirement in Britain. This decision was supported by a wide range of influential groups, including the Conservative Party, the Labour Party, the Bank of England, the civil service, the Confederation of British Industry (CBI), the Trades Union Congress (TUC), the Times newspaper, and the Economist magazine. This prevalent assistance for the gold standard demonstrates the strength of the consensus at the time. The gold requirement was viewed as a way to preserve financial stability and to protect the value of the British pound. Regardless of the strong consensus in favour of the gold standard, it was eventually abandoned in 1931 due to the financial pressures of the Great Depression.
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