Letters

摘要

In searching for a parallel crisis to Brexit in Britain, Bagehot (November 24th) glossed over some of the instructive detail of ditching the gold standard in 1931. That crisis broke under a minority Labour government sustained by the Liberals. The pound came under pressure as a result of a banking collapse in Germany and Austria, where British banks were heavily exposed. The City and the Bank of England pressed the government to make cuts in public-sector pay and unemployment benefits to restore confidence.