His decision, announced in the 1924 Budget, came after long consultation with various economists including John Maynard Keynes, Sir Otto Niemeyer, the Permanent Secretary to the Treasury, and the board of the Bank of England.
Hans beslutning, som blev bekendtgjort i finanslovsforslaget for 1924, blev truffet efter lange konsultationer med forskellige økonomer, heriblandt John Maynard Keynes, departementschefen (the Permanent Secretary to the Treasury), Sir Otto Niemeyer og bestyrelsen for Bank of England.