▁now ▁the ▁government ▁had ▁religious ly ▁followed ▁orth odox ▁policies ▁which ▁demanded ▁bal anced - bud gets ▁and ▁the ▁gold ▁standard . ▁Instead ▁of ▁the ▁predicted ▁dis aster , ▁cutting ▁loose ▁from ▁gold ▁proved ▁a ▁major ▁advantage . ▁ ▁Im medi ately ▁the ▁exchange ▁rate ▁of ▁the ▁p ound ▁fell ▁by ▁ 2 5 %, ▁from ▁$ 4 . 8 6 ▁for ▁one ▁p ound ▁to ▁$ 3 . 4 0 . ▁British ▁exports ▁were ▁now ▁much ▁more ▁compet itive , ▁which ▁laid ▁the ▁ground ▁for ▁a ▁grad ual ▁economic ▁recovery . ▁The ▁worst ▁was ▁over . ▁ ▁Also , ▁in ▁ 1 9 3 2 ▁following ▁the ▁Ott awa ▁Ag re ement , ▁Ne ville ▁Chamber lain , ▁who ▁had ▁become ▁Chan cell or ▁after ▁the ▁ 1 9 3 1 ▁election , ▁introduced ▁tar iffs ▁on ▁industrial ▁and ▁agricult ural ▁imports ▁at ▁a ▁rate ▁of ▁ 1 0 % ▁on ▁all ▁imports ▁except ▁those ▁from ▁the ▁countries ▁of ▁the ▁British ▁Empire . ▁The ▁introduction ▁of ▁tar iffs ▁caused ▁a ▁split ▁in ▁the ▁Liberal ▁Party , ▁some ▁of ▁whom , ▁along ▁with ▁Phill ip ▁Snow den , ▁with d rew ▁support ▁for ▁the ▁National ▁Government . ▁ ▁During ▁the ▁re cess ion ▁Although ▁the ▁overall ▁picture ▁for ▁the ▁British ▁economy ▁in ▁the ▁ 1 9 3 0 s ▁was ▁ble ak , ▁the ▁effects ▁of ▁the ▁de pression ▁were ▁une ven . ▁Some ▁parts ▁of ▁the ▁country , ▁and ▁some ▁indust ries , ▁f ared ▁better ▁than ▁others . ▁Some ▁parts ▁of