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Britain leaves Gold Standard, Throgmorton Street, London
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Britain leaves Gold Standard, Throgmorton Street, London
Britain leaves the Gold Standard, 22 September 1931 - Throgmorton Street, London, in turmoil.
1931
Mary Evans Picture Library makes available wonderful images created for people to enjoy over the centuries
Media ID 23078592
© The John Barrett Collection / Mary Evans Picture Library
1931 Bank Business Cafe Change Clock Commerce Crowds Finance Financial Leave Leaving Money Standard Throgmorton Turmoil
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EDITORS COMMENTS
"Britain Leaves the Gold Standard: A Historical Moment Captured on Throgmorton Street, London, 1931 This evocative photograph, taken on Throgmorton Street in the heart of London's financial district on September 22, 1931, captures the tumultuous atmosphere that engulfed the city as Britain officially left the Gold Standard. The Gold Standard was a monetary system that fixed the value of a country's currency to a specific amount of gold. Britain, a leading world power and the world's largest creditor nation, had been on the Gold Standard since 1821. However, the economic pressures of the Great Depression forced the government to abandon this policy. The photograph shows a chaotic scene on Throgmorton Street, with a large crowd gathered in front of the Bank of England. The faces of the people in the crowd convey a sense of anxiety and uncertainty. The clock on the side of the building reads 11:45 am, and the hands of the clock seem to symbolize the ticking time of the economic crisis. A cafe in the background is closed, its chairs stacked on the tables, reflecting the widespread business disruption. The departure from the Gold Standard marked a significant turning point in British economic history. It allowed the Bank of England to devalue the pound and print more money, which helped to stimulate economic recovery. However, it also led to a loss of confidence in the British economy and a wave of capital outflows. The photograph serves as a poignant reminder of the far-reaching consequences of economic policy decisions and the human impact of financial instability." This photograph is part of The John Barrett Collection at Mary Evans Picture Library and is available for licensing for various uses.
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