Tcm bank online 2014

This was boom time in Britain,A  a glorious period of economic expansion that rivalled the Victorian era as the golden age for engineering excellence.A  New industries such as car production were cranking up, aircraft manufacturing took off and factories were churning out consumer goods as if there was no tomorrow. Above all, there was a massive house-building boom a€” resulting in an astonishing 2.3a€‰million new homes a€” and so many families became proud home-owners for the first time.
But what happened in the Thirties is very different from the mythical version promulgated by the Left, which all too often has it that recovery finally came about only because of rearmament spending in the run-up to World War II. Just as in our own recent banking crisis, lending to businesses and individuals dried up as interest rates sky-rocketed. Largely at his behest, over one weekend in August 1931, a new a€?National Governmenta€™ of all the parties a€” in effect, a coalition just as we have today a€” was formed.Laboura€™s Ramsay MacDonald remained prime minister, but the government was mostly made up of Conservative MPs.
Chamberlain was resolute in demanding that all the cuts demanded in the May reportA  be implemented.Initially, the decision seemed to be a disaster.
Millions of ordinary people had helped fund World War I by investing in this War Loan, which paid them an interest rate of 5a€‰pc. From 1934, Chamberlain massively raised personal allowances, especially for families with children.
In other words: cuts in public spending, balancing the Budget, low interest rates and, finally, tax cuts.But apart from virtues of a€?soundA financea€™ and of encouraging the middle class, what else can we learn? The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. MPs broke cover for the first time to insist that Mr Clegg must go - with Vince Cable being tipped as his most likely successor. The email address entered is already associated to an account.Login to post Please use English characters only.
It was when the homes later celebrated in John Betjemana€™s Metroland were built in the suburbs of London and other big towns. Foremost among them was Neville Chamberlain.This is the same man who has been rightly excoriated ever since his disastrous attempt to appease the Nazis when he was Prime Minister from 1937 onwards.
All state employees were to receive 10 per cent pay cuts, but because of a mix-up in communications, the Admiralty gave the impression to some naval ratings that their wages would be cut by 25 per cent. By successfully cutting public spending and balancing the Budget, the National Government shored up confidence in Britaina€™s institutions and its economic system.
Picture palaces were being built in every town and people visited them two or three times a week.A Entitlement to paid holidays was introduced for the first time (helped by the Holidays With Pay Act of 1938), and holiday camps such as Butlins were the natural consequence. Perhaps the biggest lesson is that all economic crises do finallyA end, as long as we are prepared to be brave and to learn the lessons of history.

Unprecedentedly, these homes usually had electricity, as the National Grid was at last being rolled out.And what was this golden era for Britain, an era in which the country was truly prospering and the middle classes began to enjoy the fruits of their new-found wealth? By balancing the Governmenta€™s books, keeping down interest rates and creating room for desperately needed tax reductions, cuts enable a depressed economy to bounce back into life.Despite all the talk of austerity today, we are still living well beyond our means, with public spending a startling 65 per cent higher in real terms than when New Labour came to power in 1997.
We were also on the Gold Standard, which tied sterling to the price of gold and kept the pounda€™s value artificially high.
But before that, after being made Chancellor in October 1931, Chamberlain was surprisingly brilliant at steering Britain back to growth. And by devaluing, it had given a massive boost to Britaina€™s exporters.The next major development was the advent of an effective cheap money policy, based on very low interest rates. But the end result was a reduction in the Governmenta€™s interest bills and in long-term interest rates for British industry, as well as for those who aspired to own their own home. There was also a surge in interest in sport and the open air, of which the lido is, perhaps, the ultimate expression. There is no reason to despair.As Chamberlain said, using the a€‰titles of Dickensa€™ novels to illustrate his point, the sooner we put down Bleak House, the a€‰sooner we will be able to begin the first chapter of Great a€‰Expectations. The British confectionery industry invented world-famous brands that are still with us today, such as Bendicks Bittermints, Smarties, Rolos and QualityA Street. And the Government is still fiddling at the margins when deep and lasting cutbacks in state expenditure are needed. British manufacturers could not compete in the export markets, and industry was grinding to a halt.
As the pound stabilised, the Bank of England was able to reduce interest rates from 6 per cent to 2A per cent.There was another brave measure. The Government also cut the duty on tea, beer and, most popularly, cheap cinema seats.By 1935, Chamberlain was presiding over not just a recovering economy, but a highly successful political strategy a€” a sort of early Thatcherism, which saw the development of a large, middle-class, home-owning, Conservative-voting constituency. Some 180 were built in the decade, including an enormous five-acre one at New Brighton, in the Wirral, sadly demolished inA 1990. George Trefgarne is the author of Metroboom: Lessons From Britaina€™s Recovery In The 1930s, published by the Centre for Policy Studies. If you listen to the siren voices of the BBC and Left-wing politicians, the picture of the Thirties could not be more different.
To understand why cuts work, we have to examine what really happened in the Thirties, as opposed to the myth of a decade of destitution and poverty.Immediately apparent are striking parallels with our own times.
Tragically, three million people a€” nearly one in five of the workforce a€” were unemployed.

For this mighty fleet, which had dominated the seas and defended the Empire for two centuries, to be reduced to such a humiliating condition was a front-page story around the world. The Government embarked on a massive exercise to reduce the interest on the War Loan, the biggest outstanding tranche of the national debt. He was even able to reverse the vicious cuts in civil servantsa€™ payA and unemployment benefits of 1931. Speed records fell like nine pins in a testament to the amazing engineering and technical innovation of the time.
Foreign holidays and travel were within reach for many for the firstA time.Contraception became more generally available, as evidenced by a declining birth rate and the English Rubber Company manufacturing latex condoms (available in disposable or reusable varieties).
To them, it was a time of abject misery, a decade of doom, destitution and despair.The Shadow Chancellor Ed Balls, for example, pushes out this gruesome spectre of the Thirties repeatedly when he criticises the Governmenta€™s approach to reducing the countrya€™s budget deficit, warning that the cuts will send Britain into a depression.
At the beginning of the Thirties, there was a financial crisis that began in America with the Wall Street Crash in 1929.Then, in 1931, a large bank in Austria went bankrupt, precipitating a financial crisis that soon spread across Europe to Britain, especially the City of London. He was not a toff, but a Birmingham screw manufacturer, who began his professional life trying andA  failing to run a sisal plantation in the Bahamas.
Industrial production had soared past its 1929 peak and theA economy was expanding by 7A per cent.
And all this was largely attributable to the bold policies pursued by the Conservative-dominated National Government at the time a€” policies that the present Coalition is, somewhat timidly and incompetently, trying to mimic 80 years later. At this juncture, appalled by the catastrophic state of the nation, George V demanded action to restore Britaina€™s fortunes. He spent decades in worthy public service, first as mayor of Birmingham and then in national politics. The Bank of England came to the view it simply did not have enough gold to stay on the Gold Standard. An Imperial Mail Service, utilising the new flying boats, cut the time it took to deliver a letter from Southampton to Sydney from six weeks to 11 days.
Overnight, the government gave up the unequal struggle and the pound was effectively devalued against the dollar by 25 per cent.The public spending cuts of 1931 were much braver than those of the Coalition Government today, which is reducing expenditure only by 3 per cent to 4 per cent over several years.
He dominated the era with his successful economic policies and was even named a€?Britaina€™s strong mana€™ by Time magazine.

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