Winston Churchill - Churchill controversially albeit reluctantly restored the gold standard in his first budget at its 1914 parity

Time: Apr, 1925

Place: England, United Kingdom

Details: In April 1925, Churchill controversially albeit reluctantly restored the gold standard in his first budget at its 1914 parity against the advice of some leading economists including John Maynard Keynes. The return to gold is held to have caused deflation and resultant unemployment with a devastating impact on the coal industry.

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