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À la suite du krach de New York en 1929, la dépression s'étend, les prix baissent de 25%. Entre 1929 et 1931, au Royaume-Uni, le chômage est passé 10 à 22%. La crise s'étend très rapidement en Europe. Alors que les autres pays connaissent une évolution sur la fin des années 1920, l'Angleterre va subir très fortement la crise de 1929. En 1931, l'Angleterre abandonne la convertibilité de la livre en or. La faiblesse de l'Angleterre a fait péricliter le système du GES, même si les responsabilités sont partagées

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