In a post where the Times Online list Britain's 10 most Outrageous Chancellors, Churchill is blamed for returning Britain to the Gold Standard. Will they soon celebrate Gordon Brown, the man who has a major responsibility in creating the biggest bubble in UK's history as one of the Greatest Chancellors?
I personally was considering Churchill as being one of the most important figures of the 20th century before even knowing about this act, but now, it seems like I should redefine my scale. And once again, MassMedia shows that they really don't get it...
Winston Churchill (1924 – 1929)
Although Churchill is celebrated for his leadership during World War II, his stint as Chancellor was altogether less successful. Churchill announced in his 1924 Budget that Britain would return to the Gold Standard – a decision that resulted in deflation, unemployment, and the miners' strike. The return to the pre-war exchange increased costs to Britain’s coal and cotton industries by about 10 per cent.
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