The period 1922-1929 was a period of firsts; the first emergence of long-term, structural unemployment and the first ever Labour government. Both the Labour and Conservative governments pursued similar economic policies and tried to recapture the perceived causes of pre-war prosperity through economic orthodoxy. Such economic orthodoxy caused industrial strife, which led to unrest, culminating in the 1926 General Strike. Four years after the strike, just as the country began to recover, the country collapsed into depression following the Wall Street Crash.
The shocks of the Wall Street Crash and the subsequent depression in world trade had a profound effect on Britain. There was a return to coalition governments under both Labour and the Conservatives.