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May Report
The May Report was a publication on 31 July 1931 by the Committee on National Expenditure ("May Committee"). The May Committee was set up in order to suggest ways in which the government could curb expenditure, after a proposal by a Liberal MP. The committee was chaired by Sir George May, and its main conclusions were extensive public sector spending cuts, including a cut to the unemployment benefit, and increased taxation.
==Background==
The Depression had hit the UK in 1931, and had led to a run on the Bank of England in which foreign investors were withdrawing £2.5 million a day in gold. As most of the Labour party was opposed to the Keynesian ideas proposed by Oswald Mosley, the government was looking for some way to cut public sector spending. The Liberal MP Sir Donald Maclean proposed a House of Commons resolution under which the committee would be appointed. This was accepted by the Labour Chancellor of the Exchequer Philip Snowden, who set up the Committee in February 1931.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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