▁a ▁twenty - year ▁great ▁de pression ▁beginning ▁in ▁ 1 9 1 8 . ▁Rel ative ▁to ▁the ▁rest ▁of ▁the ▁world , ▁economic ▁output ▁decl ined ▁m ild ly ▁in ▁the ▁UK ▁between ▁ 1 9 2 9 ▁and ▁ 1 9 3 4 . ▁ ▁He avy ▁indust ries ▁which ▁formed ▁the ▁bed rock ▁of ▁Britain ' s ▁export ▁trade ▁( such ▁as ▁coal ▁min ing , ▁ship building ▁and ▁steel ) ▁were ▁heavily ▁concentr ated ▁in ▁certain ▁areas ▁of ▁Britain , ▁such ▁as ▁northern ▁England , ▁South ▁Wales , ▁Northern ▁Ireland ▁and ▁central ▁Scotland , ▁while ▁the ▁newer ▁indust ries ▁were ▁heavily ▁concentr ated ▁in ▁southern ▁and ▁central ▁England . ▁British ▁industrial ▁output ▁during ▁the ▁ 1 9 2 0 s ▁ran ▁at ▁about ▁ 8 0 – 1 0 0 %, ▁and ▁exports ▁at ▁about ▁ 8 0 % ▁of ▁their ▁pre - war ▁levels . ▁ ▁Gold ▁standard ▁ ▁From ▁ 1 9 2 1 ▁Britain ▁began ▁a ▁slow ▁economic ▁recovery ▁from ▁the ▁war ▁and ▁the ▁subsequent ▁sl ump . ▁But ▁in ▁April ▁ 1 9 2 5 , ▁the ▁Conserv ative ▁Chan cell or ▁of ▁the ▁Ex che quer , ▁W inst on ▁Church ill , ▁on ▁advice ▁from ▁the ▁Bank ▁of ▁England , ▁restored ▁the ▁P ound ▁Ster ling ▁to ▁the ▁gold ▁standard ▁at ▁its ▁pre war ▁exchange ▁rate ▁of ▁$ 4 . 8 6 ▁US ▁dollars ▁to ▁one ▁p ound . ▁This ▁made ▁the ▁p ound ▁convert ible ▁to ▁its ▁value ▁in ▁gold ,