Churchill initially opposed restoring the gold standard and then accepted advice from the Bank of England and other economists. The decision tied the pound to gold at a historic valuation whose authority was traced back to Isaac Newton. Keynes opposed the move. The account connects the return with deflation, rising unemployment, disruption in coal mining and the 1926 General Strike. It also notes efforts to support miners and people in hardship, while retaining Churchill's responsibility for the monetary decision. Britain abandoned the restored gold standard in 1931.
Chapter · 44:42-47:27
The 1925 return to the gold standard
Churchill accepted a policy he had initially opposed, with deflation and unemployment central to the resulting criticism.