That September, concerns about public debt and the British government’s ability to enforce austerity led to a run on the pound. Rather than trying to mount a last-ditch defense of the fixed exchange rate, the government, at the suggestion of the Bank of England, agreed to abandon the gold standard and devalue the pound.
1931年英国已照此逻辑行事。斯诺登担心英国政府的任何举债尝试都将无功而返，可能导致“承认国家破产”。当年9月，对公债以及英国政府是否能推行紧财政的忧虑导致对英镑的恐慌式抛售。英国政府没有为捍卫固定汇率而背水一战，而是在英格兰银行的建议下，放弃了金本位，让英镑贬值。