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52-526: In the 1929 general election , Churchill retained his Epping seat but the Conservatives were defeated and MacDonald formed his second Labour government. Out of office, Churchill began work on Marlborough: His Life and Times , a four-volume biography of his ancestor John Churchill, 1st Duke of Marlborough . Hoping that the Labour government could be ousted, he gained Baldwin's approval to work towards establishing

104-578: A constitutional crisis developed. Churchill was opposed to abdication and, in the House of Commons, he and Baldwin clashed on the issue. Afterwards, although Churchill immediately pledged loyalty to George VI , he wrote that the abdication was "premature and probably quite unnecessary". In May 1937, Baldwin resigned and was succeeded as prime minister by Neville Chamberlain . At first, Churchill welcomed Chamberlain's appointment but, in February 1938, matters came to

156-578: A Conservative-Liberal coalition, although many Liberals were reticent. In August he travelled to Canada with his brother and son, giving speeches in Ottawa and Toronto , before travelling through the United States. In San Francisco he met with William Randolph Hearst , who convinced Churchill to write for his newspapers; in Hollywood he dined with the film star Charlie Chaplin . From there he travelled through

208-601: A car that was exceeding the speed limit. He suffered a head wound, two cracked ribs and general bruising from which he developed neuritis . He was hospitalised for eight days and then began a period of convalescence at his hotel until New Year's Eve. While he was there he sent an article about his experience to the Daily Mail and afterwards received thousands of letters and telegrams from well-wishers. To further his convalescence, he and Clementine took ship to Nassau for three weeks but Churchill became depressed there, not just about

260-549: A head after Foreign Secretary Anthony Eden resigned over Chamberlain's appeasement of Mussolini , a policy which Chamberlain was extending towards Hitler. Meanwhile, Churchill had continued writing fortnightly articles for the Evening Standard , and these were reprinted in various newspapers across Europe through the efforts of Emery Reves ' Paris-based press service. In September 1937, Churchill wrote an Evening Standard piece in which he directly appealed to Hitler, asking

312-510: A local currency that is pegged to the U.S. dollar or the New Zealand dollar . The Sovereign Base Areas of Akrotiri and Dhekelia (in Cyprus ) use the euro. Since decimalisation on Decimal Day in 1971, the pound has been divided into 100 pence (denoted on coinage, until 1981, as "new pence"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) properly pronounced "fifty pence"

364-515: A penny", "two and a penny", etc. 5 shillings, for example, was written as "5 s ." or, more commonly, "5/–" (five shillings, no pence). Various coin denominations had, and in some cases continue to have, special names, such as florin (2/–), crown (5/–), farthing ( 1 ⁄ 4 d ), sovereign (£1) and guinea (21s, 21/–, £1–1–0 or £1.05 in decimal notation). By the 1950s, coins of Kings George III , George IV and William IV had disappeared from circulation, but coins (at least

416-538: A potential revival of the Liberal Party after the reunification of Independent Liberals and National Liberals now under Lloyd George's leadership since 1926 and following some victories in a series of recent by-elections after 1926. The incumbent Conservatives campaigned on the theme of "Safety First", with Labour campaigning on the theme of "Labour & the Nation". This was the first general election to be contested by

468-560: A potentially lucrative lecture tour of North America, accompanied by Clementine and Diana. They arrived in New York City on 11 December and Churchill gave his first lecture in Worcester, Massachusetts the following night. On 13 December, he was back in New York and travelled by cab to meet his friend Bernard Baruch . Having left the cab, he was crossing Fifth Avenue when he was knocked down by

520-555: A re-armed Germany would soon pursue the re-conquest of territories lost in the previous conflict. After Hitler came to power on 30 January 1933, Churchill was quick to recognise the menace to civilisation of such a regime. As early as 13 April that year, he addressed the Commons on the matter, speaking of "odious conditions in Germany" and the threat of "another persecution and pogrom of Jews" being extended to other countries, including Poland. On

572-417: Is often pronounced "fifty pee" /fɪfti piː/. The old sign d was not reused for the new penny in order to avoid confusion between the two units. A decimal halfpenny ( ⁠ 1 / 2 ⁠ p, worth 1.2 old pennies) was issued until 1984 but was withdrawn due to inflation . Before decimalisation in 1971 , the pound was divided into 20 shillings , and each shilling into 12 pence , making 240 pence to

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624-599: Is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par . Historically, sterling was also used to varying degrees by the colonies and territories of the British Empire . There are various theories regarding

676-561: Is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £ ) is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling . Sterling is the world's oldest currency in continuous use since its inception. In 2022, it

728-647: The Indian National Congress party to be disbanded and its leaders deported. In 1930, he stated that " Gandhi-ism and everything it stands for will have to be grappled with and crushed". He thought it "alarming and nauseating" that the Viceroy of India agreed to meet with independence activist Mohandas Gandhi , whom Churchill considered "a seditious Middle Temple lawyer, now posing as a fakir ". These views enraged Labour and Liberal opinion although were supported by many grassroot Conservatives. Angered that Baldwin

780-702: The Mojave Desert to the Grand Canyon and then to Chicago and finally New York City . Back in London, Churchill was angered by the Labour government's decision—backed by the Conservative Shadow Cabinet—to grant Dominion status to India. He argued that giving India enhanced levels of home rule would hasten calls for full independence from the British Empire. In December 1930 he was the main speaker at

832-469: The Bank of England has exclusively used the single bar variant since 1975. Historically, a simple capital L (in the historic black-letter typeface, L {\displaystyle {\mathfrak {L}}} ) placed before the numerals, or an italic l. after them, was used in newspapers, books and letters. The Royal Mint was still using this style of notation as late as 1939. The glyphs Ł and Ⱡ may occasionally be encountered. Use of

884-679: The Conservative Party Conference. While Churchill was in Salzburg, the German Chancellor Franz von Papen requested that the other Western powers accept Germany's right to re-arm, something they had been forbidden from doing by the Treaty of Versailles. Foreign Secretary John Simon , rejected the request and affirmed that Germany was still bound by the treaty's disarmament clauses. Churchill later supported Simon as he believed that

936-721: The German annexation of Austria, Churchill spoke in the House of Commons, declaring that "the gravity of the events[…] cannot be exaggerated". He began calling for a mutual defence pact among European states threatened by German expansionism, arguing that this was the only way to halt Hitler. This was to no avail as, in September, Germany mobilised to invade the Sudetenland in Czechoslovakia. Churchill visited Chamberlain at Downing Street and urged him to tell Germany that Britain would declare war if

988-723: The Germans invaded Czechoslovak territory; Chamberlain was not willing to do this. On 30 September, Chamberlain signed up to the Munich Agreement , agreeing to allow German annexation of the Sudetenland. Speaking in the House of Commons on 5 October, Churchill called the agreement " a total and unmitigated defeat ". 1929 United Kingdom general election Stanley Baldwin Conservative Ramsay MacDonald Labour The 1929 United Kingdom general election

1040-453: The League's money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", which was contracted to "'sterling". The OED dismisses this theory as unlikely, since the stressed first syllable would not have been elided. Encyclopædia Britannica states that the (pre-Norman) Anglo-Saxon kingdoms had silver coins called sterlings and that

1092-498: The Roman libra , solidus , and denarius . Notable style guides recommend that the pound sign be used without any abbreviation or qualification to indicate sterling (e.g., £12,000). The ISO 4217 code "GBP" (e.g., GBP 12,000) may also be seen should disambiguation become necessary. The ISO 4217 currency code for sterling is "GBP", formed from the ISO 3166-1 alpha-2 code for

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1144-640: The United Kingdom ("GB") and the first letter of "pound". In historical sources and some specialist banking uses, the abbreviation stg (in various styles) has been used to indicate sterling. Many stocks on the London Stock Exchange are quoted in penny sterling, using the unofficial code "GBX". The exchange rate of sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets . The origins of this term are attributed to

1196-455: The accident but also about his financial and political losses. Meanwhile, the lecture agency managed to reschedule many of his engagements and, on returning to America in late January, he was able to fulfil nineteen of them until 11 March, though he remained mostly in the north-east and did not go further west than Chicago . He arrived back home on 18 March. Having worked on Marlborough for much of 1932, Churchill in late August decided to visit

1248-581: The adoption of the Carolingian monetary system in England c.  800 . Here is a summary of changes to its value in terms of silver or gold until 1816. The pound was a unit of account in Anglo-Saxon England . By the ninth century it was equal to 240 silver pence . The accounting system of dividing one pound into twenty shillings , a shilling into twelve pence, and a penny into four farthings

1300-570: The balance of power. Parliament was dissolved on 10 May. The election was often referred to as the " Flapper Election", because it was the first in which women aged 21–29 had the right to vote (owing to the Representation of the People Act 1928 ). Women over 30, with some property qualifications, had been able to vote since the 1918 general election , but the 1929 vote was the first general election with universal suffrage for adults over 21, which

1352-556: The battlefields of "John Duke" (Churchill's pet name for him) in Belgium, the Netherlands, and Germany. He travelled with Lindemann. In Munich , he met Ernst Hanfstaengl , a friend of Hitler , who was then rising in prominence. Talking to Hanfstaengl, Churchill raised concerns about Hitler's anti-Semitism and, probably because of that, missed the opportunity to meet his future enemy. Churchill went from Munich to Blenheim . Soon afterwards, he

1404-474: The common phrase "quids in"). Its origin is unknown: possible derivations include scudo , the name for a number of currency units used in Italy until the 19th century, introduced by Italian immigrants; or from Latin quid via the common phrase quid pro quo , literally, "what for what", or, figuratively, "An equal exchange or substitution". The term "nicker" (also both singular and plural) may also refer to

1456-464: The compound noun pound sterling was derived from a pound (weight) of these sterlings. The English word pound derives from the Latin expression lībra pondō , in which lībra is a noun meaning 'pound' and pondō is a noun, in the ablative case , meaning 'by weight'. The currency sign for the pound unit of sterling is £ , which (depending on typeface) may be drawn with one or two bars :

1508-610: The development of the Luftwaffe . He was involved with the Anti-Nazi Council , despite its being primarily leftist in political outlook, and called for improved training of troops and airmen. He also warned that industry must prepare for wartime production. In January 1936, Edward VIII succeeded his father, George V , as monarch. Churchill liked Edward but disapproved of his desire to marry an American divorcee, Wallis Simpson . Marrying Simpson would necessitate Edward's abdication and

1560-430: The fact that from the mid-19th century, the sterling/dollar exchange rate was transmitted via transatlantic cable. Historically almost every British coin had a widely recognised nickname, such as "tanner" for the sixpence and "bob" for the shilling . Since decimalisation these have mostly fallen out of use except as parts of proverbs. A common slang term for the pound unit is " quid " (singular and plural, except in

1612-746: The first public meeting of the Indian Empire Society , set up to oppose the granting of Dominion status. In his view, India was not ready for home rule. He believed that the Hindu Brahmin caste would gain control and further oppress both the " untouchables " and the religious minorities. When riots between Hindus and Muslims broke out in Cawnpore in March 1931, he cited it in support of his argument. Churchill called for swift action against any Indian independence activists engaged in illegal activity. He wanted

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1664-452: The issue of militarism, Churchill expressed alarm that the British government had reduced air force spending and warned that Germany would soon overtake Britain in air force production. Between October 1933 and September 1938, the four volumes of Churchill's Marlborough: His Life and Times were published. In November 1934, he gave a radio broadcast in which he warned of Nazi intentions and called on Britain to prepare itself for conflict. This

1716-512: The latter to cease his persecution of Jews and religious organisations. The following month, a selection of his articles were published in a collected volume called Great Contemporaries . In 1938, Churchill warned the government against appeasement and called for collective action to deter German aggression. In March, the Evening Standard ceased publication of his fortnightly articles, but the Daily Telegraph published them instead. Following

1768-487: The letter ⟨L⟩ for pound derives from medieval Latin documents: "L" was the abbreviation for libra , the Roman pound (weight), which in time became an English unit of weight defined as the tower pound . A "pound sterling" was literally a tower pound (weight) of sterling silver . In the British pre-decimal ( duodecimal ) currency system, the term £sd (or Lsd) for pounds, shillings and pence referred to

1820-854: The newly formed Welsh nationalist party Plaid Cymru . It stood as the last time when a third party polled more than one-fifth of the popular vote until 1983 . The Liberals performed more successfully than at the previous general election in 1924, but could not regain their pre- World War I status as a party of government. Pound sterling King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee Sterling ( ISO code : GBP )

1872-576: The origin of the word "sterling". The Oxford English Dictionary states that the "most plausible" etymology is a derivation from the Old English steorra for "star" with the added diminutive suffix -ling , to yield "little star". The reference is to the silver penny used in Norman England in the twelfth century, which bore a small star. Another theory holds that the Hanseatic League

1924-519: The penny) bearing the head of every British monarch from Queen Victoria onwards could be found in circulation. Silver coins were replaced by those in cupro-nickel in 1947, and by the 1960s the silver coins were rarely seen. Silver/cupro-nickel sixpences, shillings (from any period after 1816) and florins (2 shillings) remained legal tender after decimalisation (as 2½p, 5p and 10p respectively) until 1980, 1990 and 1993 respectively, but are now officially demonetised. The pound sterling emerged after

1976-536: The pound. The currency of all the Crown Dependencies ( Guernsey , Jersey , Isle of Man ) and a third of British Overseas Territories ( British Antarctic Territory ; Falkland Islands and South Georgia and the South Sandwich Islands ; Gibraltar ; and Saint Helena, Ascension and Tristan da Cunha ) is either sterling or pegged to sterling at par. The other British Overseas Territories have

2028-594: The pound. The symbol for the shilling was " s ." – not from the first letter of "shilling", but from the Latin solidus . The symbol for the penny was " d .", from the French denier , from the Latin denarius (the solidus and denarius were Roman coins). A mixed sum of shillings and pence, such as 3 shillings and 6 pence, was written as "3/6" or "3 s . 6 d ." and spoken as "three and six" or "three and sixpence" except for "1/1", "2/1" etc., which were spoken as "one and

2080-488: The publication of The Eastern Front , the final volume of The World Crisis . The Commons debated Dominion Status for India on 3 December and Churchill insisted on dividing the House. This backfired as only 43 MPs supported him and 369 voted for the government. According to a history of the British Secret Service , "Churchill's constitutional position in relation to the intelligence community in his wilderness years

2132-513: The reign of King Offa of Mercia (757–796), who introduced a "sterling" coin made by physically dividing a Tower pound (5,400 grains, 349.9 grams) of silver into 240 parts. In practice, the weights of the coins were not consistent, 240 of them seldom added up to a full pound; there were no shilling or pound coins and these units were used only as an accounting convenience . Halfpennies and farthings worth 1 ⁄ 2 and 1 ⁄ 4 penny respectively were also minted, but small change

Winston Churchill's "Wilderness" years, 1929–1939 - Misplaced Pages Continue

2184-463: Was adopted from the livre carolingienne system introduced by Charlemagne to the Frankish Empire . The penny was abbreviated to "d", from denarius , the Roman equivalent of the penny; the shilling to "s" from solidus (written with a long s , ſ , later evolving into a simple slash , / ); and the pound to "L" (subsequently £ ) from Libra or Livre . The origins of sterling lie in

2236-471: Was afflicted with paratyphoid fever . He was taken over the border into Austria and spent two weeks at a sanatorium in Salzburg . He returned to Chartwell on 25 September, still working on Marlborough . Two days later, he collapsed while walking in the grounds after a recurrence of paratyphoid which caused an ulcer to haemorrhage. He was taken to a London nursing home and remained there until late October, missing

2288-533: Was held on Thursday, 30 May 1929, and resulted in a hung parliament . Ramsay MacDonald 's Labour Party won the most seats in the House of Commons for the first time despite receiving fewer votes than the Conservative Party , led by Prime Minister Stanley Baldwin . The Liberal Party , led again by former Prime Minister David Lloyd George , regained some of the ground lost in the 1924 general election and held

2340-423: Was replaced as prime minister by Baldwin. Baldwin then led the Conservatives to victory in the 1935 general election ; Churchill retained his seat with an increased majority but was again left out of the government. Armed with official data provided clandestinely by two senior civil servants, Desmond Morton and Ralph Wigram , Churchill was able to speak with authority about what was happening in Germany, especially

2392-577: Was supporting the reform, Churchill resigned from the Shadow Cabinet. In October 1930, Churchill published his autobiography, My Early Life , which sold well and was translated into multiple languages. The October 1931 general election was a landslide victory for the Conservatives Churchill nearly doubled his majority in Epping, but he was not given a ministerial position. The following month saw

2444-495: Was the first time that his concerns about German militarism were heard by such a large audience. In December, the India Bill entered parliament and was passed in February 1935. Churchill and 83 other Conservative MPs voted against it. He continued to express misgivings but did message Gandhi, saying: "You have got the thing now; make it a success and if you do I will advocate your getting much more". In June 1935, MacDonald resigned and

2496-521: Was the fourth-most-traded currency in the foreign exchange market , after the United States dollar , the euro , and the Japanese yen . Together with those three currencies and the renminbi , it forms the basket of currencies that calculate the value of IMF special drawing rights . As of late 2022, sterling is also the fourth most-held reserve currency in global reserves . The Bank of England

2548-514: Was the origin of its definition, manufacture, and name: the German name for the Baltic is Ostsee ( ' East Sea ' ) and from this the Baltic merchants were called Osterlings ( ' Easterlings ' ). In 1260, Henry III granted them a charter of protection and land for their kontor , the Steelyard of London , which by the 1340s was also called Esterlingeshalle ( ' Easterlings Hall ' ). Because

2600-475: Was then supplied on the instructions of three prime ministers with secret intelligence which he was to use as the basis of public attacks on their defence policies and of his own campaign for rearmament." At this time, however, Churchill's main interest was in recovering financial losses—about £ 12,000 (equivalent to about £958,280 in 2023)—he had sustained in the Wall Street Crash and he embarked on

2652-448: Was then the age of majority . The election was fought against a background of rising unemployment , with the memory of the 1926 general strike still fresh in voters' minds. By 1929, the Cabinet was being described by many as "old and exhausted". The Liberals campaigned on a comprehensive programme of public works under the title "We Can Conquer Unemployment". There was anticipation of

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2704-473: Was wholly remarkable. Unable to tolerate the lack of intelligence after he left office in 1929, Churchill sought it from [Desmond] Morton and no doubt from others. Early in the life of the first National Government, Morton consulted Ramsay MacDonald. 'Tell him whatever he wants to know, keep him informed,' the prime minister replied. He put that permission in writing and it was endorsed by his successors, Baldwin and Neville Chamberlain . Astonishingly, Churchill

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