Interwar Governor of the Bank of England who led the 1925 return to gold
Born into a banking family, Norman was educated at Eton and Cambridge and served in the Boer War. After working in merchant banks including Brown, Shipley & Co., he was Governor of the Bank of England from 1920 to 1944. He backed the 1925 return to gold at the old parity, calling the gold standard "knaveproof"; Keynes, who opposed it, called him "always absolutely charming, always absolutely wrong". In the 1931 gold drain he borrowed $250 million to defend the pound, but Britain left gold that September. His reputation later suffered for helping transfer Czechoslovak gold to the Nazi regime in March 1939.
Also known as: Montagu Collet Norman
Activities and affiliations
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1920–1944
United Kingdom state institutionsGovernor of the Bank of EnglandMain
Economy, finance and planning
Career Timeline
- 1920–1944Governor of the Bank of England
- 1925Backed the return to gold at the old parity
- 1931Gold drain and Britain's exit from gold