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1. David Lloyd George 1918-1922

   • Problems WW1
     • Wall Street Loans
     • Export Markets
     • Merchant Shipping sunk
     • Debt of £3.25 billion
   • 1920-1921 Recession
     • Deflation
       • Spending Cuts
     • Short supplies policy
     • Export trade loss
     • High Unemployment
     • Traditional Industries
       • little investment
     • Solutions
       • Geddes Axe
         • Cuts
           • Military
           • Welfare
           • Housing
       • Tarrifs
       • Free Trade

2. Ramsay Macdonald 1922-24

   • Context
     • No majority
     • No spending
     • No jobs
     • Wanted to appear 'fit to rule'
       • MC/UC
         • Didn't want to frighten

3. Stanley Baldwin 1924-1929

   • Churchill in 1925
     • Reintroduced Gold Standard
       • Unemployment
       • Borrowing expensive
   • Employers
     • Reduced hours
     • Paid unemployment no different

4. Ramsay Macdonald 1929-1931

   • Wall Street Crash 1929
     • Stock exchange collapsed
     • Global trade contracted
     • British exports declined
     • Traditional Industries collapsed
     • Unemployment rose
     • Tax revenue declined
       • financial asstistance increased
     • Wealthy concealed money
       • Unemployment Provision unsustainable
     • Only invested/created jobs
       • Defence
     • Unbalanced budget rumours
       • £ value decreased
     • Proposed spending cuts
       • Unemployment assistance by 10%
         • Poor suffered

5. National Government 1931-1939

   • Special Areas Act 1934
     • Identified traditional industry areas
       • Tyneside
         • Needed direct investment
       • South Wales
       • Scotland
     • Little investment still
   • Depression Recovery
     • 1932-1937
       • Real incomes rose
       • Industrial production rose
       • GNP rose
       • Exports increased
       • Unemployment fell
     • Economy grew by 4%
       • 1934-1937
   • Removing Britain from Gold Standard
     • Interest Rates cuts
       • Borrowing became cheaper
         • More spending /job creation
     • Allow some inflation
       • Stimulated spending
         • New roads
           • Stimulated car industry
     • £ devalued
       • Exports cheaper
         • More desireable
     • Restructred war debts
       • Reduced tax revenue
         • 15%