article_snippet: The last major bout of deflation came during the Great Depression from 1929 to 1932.
article_snippet: The last major bout of deflation did not end until Britain abandoned the gold standard which the then Chancellor Winston Churchill embraced in 1925.
article_snippet: Before that, in the late 19th century the prices of goods, property and shares fell sharply provoking a banking crisis similar in scale and danger to that of 2007 to 2009.
article_snippet: In the early 18th century the value of the pound was fixed against gold and prices were flat and falling until the outbreak of the Napoleonic Wars.