1922-24 Bonar Law Conservative

• Chamberlain's Housing Act 1923


  Changed Addison's act so that the subsidy was £6 per year for 20 years for each property. This encouraged councils to build lots of houses and bulk buy resources because they had to manage the funds.
• The US were unwilling to reduce Britain's war debt as it gave them a competitive edge in becoming the Global Reserve Currency where they could control international trade and it made loans cheaper for them. In the 20s the pound was the Global Reserve Currency and the US wanted to replace it with the dollar so they could demand repayment in dollars.
• There was a hung parliament and despite the conservative majority, Ramsay McDonald took on the role of prime minister with liberal support. The votes moved in favour of labour to prevent protectionist policies. This was the first time labour had won and they needed to prove they were capable of running the country and disprove the fears of communism and revolution surrounding them.