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| 1931, Feb |
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| Oswald Mosley broke from the Labour Party to form the New Party but failed in the general elections. In 1932 he founded the British Union of Fascists. | 1 |
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| July |
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| Report of the May Committee of financial experts. They claimed the deficit for the fiscal year would be over £100,000 sterling and suggested drastic economies, including a cut in the dole to the unemployed. This report caused a split in the cabinet, the majority rejecting the proposals as too burdensome to the workers. There were, at this time, over 2 million unemployed. | 2 |
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| Aug. 24 |
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| Resignation of the MacDonald cabinet, the result of the financial crisis and disagreement as to remedies. | 3 |
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| Aug. 25–Oct. 27 |
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| A NATIONAL COALITION GOVERNMENT formed to include Conservatives, Liberals, and Labour members, with MacDonald as prime minister. The Labour Party opposed this coalition and expelled those of its leaders who favored it. MacDonald, Snowden, Thomas, and others formed a new National Labour group. Henderson became leader of the old Labour Party. | 4 |
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| Sept. 10 |
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| The government's measures in the face of worldwide depression (cuts in unemployment pay and government salaries, a rise in taxes, and a balanced budget) sparked riots in London and Glasgow. Sailors in Invergordon also mutinied over pay cuts (Sept. 15). | 5 |
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| Sept. 21 |
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| England forced to abandon the gold standard. The pound sterling fell from par ($4.86) to $3.49. | 6 |
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| Oct. 27 |
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| A general election gave the coalition government a majority of almost 500 seats over the combined opposition. | 7 |
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| Dec |
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| The STATUTE OF WESTMINSTER passed by Parliament, giving force of law to the changes in empire relations worked out by the Imperial Conference in 1926 (See 1931). | 8 |
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