the four ministers received negative responses to their proposals from the top civil servants from the various government departments. The one minister whose proposals may have helped Britain to recover quickly from the worst effects of the Great Depression was Oswald Mosley, a former member of the Conservative Party. Frustrated by the government's economic orthodoxy (a controversial policy upheld by the fiscally conservative Chancellor, Philip Snowden), Mosley submitted an ambitious set of proposals for dealing with the crisis to the Labour Cabinet in what became known as "Mosley's Memorandum". These included much greater use of credit to finance development through the public control of banking, rationalisation of industry under public ownership, British agricultural development, import restrictions and bulk purchase agreements with foreign (particularly Imperial) producers, protection of the home market by tariffs, and higher pensions and allowances to encourage earlier retirement from industry and to increase purchasing power. Although MacDonald was sympathetic to some of Mosley's proposals, they were rejected by Snowden and other members of the Cabinet, which led Mosley to resign in frustration in May 1930. The government continued to adhere to an orthodox economic course, as characterised by the controversial decision of the Minister of Labour Margaret Bondfield to push through Parliament an Anomalies Act, aimed at stamping out apparent "abuses" of the unemployment insurance system. This legislation limited the rights of short-time, casual and seasonal workers and of married women to claim unemployment benefit, which further damaged the reputation of the government amongst Labour supporters. Bondfield was caught between the financial orthodoxy of Snowden, the critics of cuts on Labour's backbenches and the baying for even more cuts on the Opposition benches, and in the end she ended up satisfying none of them. Fate In the summer of 1931, the government was gripped by a political and financial crisis as the value of the pound and its place on the Gold Standard came under threat over fears that the budget was unbalanced. A run on gold began when a report by the May Committee estimated that there would be a deficit of £120 million by April 1932, and recommended reductions in government expenditure and higher taxes to prevent this. MacDonald's cabinet met repeatedly to work out the necessary cutbacks and tax rises, while at the same time seeking loans from overseas. It later became clear that the bankers in New York would only provide loans if