That system was disrupted by World War I, but Britain went back to a gold peg in 1925. As the Great Depression took root, however, the Bank of England was forced to choose between providing liquidity to banks and honoring the gold peg.
英格兰银行时刻准备着将1英镑兑换为1盎司黄金。这一体系被一战打破，但英国在1925年又回到了钉住黄金的制度。不过，随着大萧条的爆发，英格兰银行被迫在向银行提供流动性和维系黄金钉住制度之间做出选择。1931年，英格兰银行选择了向银行提供流动性。