Ramsay MacDonald's Labor government raising taxes
Time: Aug, 1931
Place: London, England, United Kingdom
Details: Deepening deficits and demands for a balanced budget lead to Ramsay MacDonald's Labor government raising taxes by £24 million and cutting spending by £96 million, most controversial was the 20% cut to unemployment benefits (a sum of £64 million). The U.K.'s public debt at the time was 180% of GDP, mostly left over from the expenses of World War I. Public outrage would lead to the Labor Party being virtually destroyed in the October 1931 election.
‹ Earlier in historyTesla won Cross Cross of the Order of the Yugoslav Crown1931 Later in history ›The Deputy Minister of the Japanese Army instructed not to use the term "prisoners of war" for Chinese captivesWednesday Aug 5, 1931
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