The British elite's rather monolithic view began to splinter in 1925 when Keynes criticized Churchill's decision to go back on the gold standard after an eleven-year hiatus. Churchill put Britain back on at a high exchange rate, which, though it was good for the City of London and for foreigners holding sterling, was terrible for British exports. As a consequence, unemployment, already bad, shot up, and economic activity declined. Keynes had predicted that this would occur, and indeed it did, much to the chagrin of Churchill and the Treasury.

Mark Blyth, Austerity, loc. 332