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Great Britain

At the beginning of 1931, although deflation persisted and unemployment was high, the countries most affected were exporters of raw materials, and several of them had to abandon the gold standard. However, with the bankruptcy of Credit Anstalt, the main bank in Austria, there was a flight of capital in Germany, Great Britain and the United States, who decided to end the gold standard. By the end of 1932, almost every country in the world had done so. Great Britain, on the other hand, abandoned the traditional monetary system by letting the pound float, this produced its depreciation. This was the demonstration of the British leadership and allowed the British economy to recover reasonably free from the conditions imposed by an overvalued currency and high interest rates.