Events

Decline of British Empire

Decline of British Empire

The Decline of the British Empire
Earth

More About Decline of British Empire

  • Previously Sterling (British Currency) was the global reserve currency
  • Empire started to decline in 1914 with the start of WW1
    • UK sold assets in the US for gold (summer 2014)
    • UK sent gold to US to buy war materials (late fall 2014)
    • Gold started to flow to the US (improving the US dollar positions as leading currency)
  • After WW1 both Sterling and USD were strong currencies
  • USD gained lead in 1930s
  • 1944 Bretton Woods Agreement formalized the USD as the global reserve currency
  • The UK continuously declined in power as its currency weakened and lost reserve currency status