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The 1930s Squeeze
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This chapter describes fiscal squeeze in the early 1930s against the backdrop of global financial crisis and the Great Depression—fiscal squeeze less severe on financial outcomes data than the 1920s but with more dramatic political consequences. This episode comprises a hard revenue squeeze initiated by the UK’s second Labour Government in 1930 and an expert committee (the May Committee) to recommend spending cuts, followed after the collapse of that government by a hard expenditure squeeze under a ‘National’ Government. This episode includes constitutional crisis (with the formation of an emergency coalition government without an election to pursue fiscal squeeze), a naval mutiny sparked by pay cuts that forced the currency off the gold standard, a split in the Labour Party which reverberated for decades, and the greatest electoral victory in modern British history for a coalition government that had just enacted significant spending cuts, including reductions in unemployment benefit.
Title: The 1930s Squeeze
Description:
This chapter describes fiscal squeeze in the early 1930s against the backdrop of global financial crisis and the Great Depression—fiscal squeeze less severe on financial outcomes data than the 1920s but with more dramatic political consequences.
This episode comprises a hard revenue squeeze initiated by the UK’s second Labour Government in 1930 and an expert committee (the May Committee) to recommend spending cuts, followed after the collapse of that government by a hard expenditure squeeze under a ‘National’ Government.
This episode includes constitutional crisis (with the formation of an emergency coalition government without an election to pursue fiscal squeeze), a naval mutiny sparked by pay cuts that forced the currency off the gold standard, a split in the Labour Party which reverberated for decades, and the greatest electoral victory in modern British history for a coalition government that had just enacted significant spending cuts, including reductions in unemployment benefit.
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