In 1925, Britain decided to return to the gold standard as a monetary policy measure. This decision was widely supported across different sectors and political parties at the time. The British government's move was seen as significant because it involved major stakeholders like the Conservative Party, Labour Party, the Bank of England, civil service officials, business leaders through the CBI (Confederation of British Industry), trade unions via the TUC (Trades Union Congress), influential newspapers such as The Times, and respected economic journals like The Economist.
The quote highlights how a policy decision can become deeply entrenched in societal and political consensus. When a wide range of influential voices concur on an issue, it often becomes very difficult for any dissenting view to gain traction or change the established course. Ed Balls is emphasizing that such broad support can create a sense of inevitability around certain policies, making them nearly impossible to alter unless there are significant shifts in economic conditions or social attitudes. This consensus not only reflects the strength of prevailing views but also underscores how interconnected different parts of society can be when they align on major issues.
Ed Balls is a prominent British Labour Party politician and economist who has been actively involved in public service for many years. He served as Chief Secretary to the Treasury, shadow Chancellor of the Exchequer, and other important roles within the UK government. His statement reflects his understanding of financial history and policy-making processes, particularly how economic decisions are influenced by political alignment and societal consensus.
