1) The best PODs would be having Asquith retires or swallows his pride and cooperate with DLG, or having another POD where DLG goes back to stand for the Liberals and win (but this is unfeasible).
2) No further interventions in Russia and Turkey would allow for deeper and earlier military cuts. I would recommend the OTL naval spending and even lower army speding. The later increase in naval spending would be financed by the gains from the programs I mentioned below. Meanwhile, demanding Soviet to honour the debt obligations by offering a trade deal. This would form another escape path during the Depression besides Keynesian policies. Commit to all these things despite Tory opposition would save lots of money for public works and national development (of course better to cut defense speding as in this case the money would be spent on national development).
3) Reforms should be enacted like IOTL, but without Geddes Axe. The far-sighted Fisher Education Act being fully implemented would improve British education permanently. Similarly, the Addison Act in 1919 about house building and town planning would both fulfill the Homes fit for Heroes promise and be an integral part of the large public work scheme in 1920-1921 which was IOTL proposed by LG in 1921 and 1924 to develop electricity systems, roads, forests, agriculture...Meanwhile, I expect the Coal and Power, Towns and the Land, Land and the Nation reports would be completed much earlier without Liberal infighting. Specifically:
- Electricity industry would be developed by building state-backed standardized super-power stations, under a national scheme like CEB like IOTL, but earlier and with bigger invesment and faster progress.
- For agriculture, the introduction of state-backed credit facilities for farmers and state-assisted co-operative marketing like in the US, as well as Land Reform (including a national scale Land Value Tax of 15-20%) would be great moves.
- Railway system must be at least partially nationalized in order to be electrified nationally. Also, a further program to replace bullhead rails with flat-bottomed rails would be a crazy boost on steel industry. Many Liberals actually supported nationalization.
- A large scale expansion and construction of roads for motor vehicles would be a big boost for auto industry and encourage the production of high-performance vehicles.
- For coal industry, coal royalties would be nationalized. By a levy on the purchase price at which mining royalties are taken over by the State, funds will be provided for rebuilding and bettering the mining villages, as well as for modernizing and rationalizing the industry.
- Well, and finally, the large programs of building houses, building new towns and clearing slumps.
5) ICI formed like IOTL.
6) I expect the Liberal Yellow Book would be completed earlier than 1928. This would add to the above programs the following schemes:
- Rationalization and modernization of textile and shipbuilding (the Book did mention shipbuilding).
- Introducing industrial democracy and industrial cooperation between Labour, Management and Capital would tackle industrial unrests.
- A systemic national telephone development program.
- Development of London Transport Network, including building new electric railways (like OTL We Can Conquer Unemployment).
- A National Investment Board to control and facilitate domestic investments by channelling funds to industries and National Development schemes.
- Nationalisation of Bank of England.
7) No returning to prewar Gold Standard. This is not ASB under a Liberal government, unlike under the Tories, if the Chancellor was a radical from LG wing or McKenna. Well, a even more radical approach would be breaking off from Gold permanently from 1925, which then would allow BOE to adopt a low interest rate policy for a long period.
8) The Great Depression. Well, breaking off the Gold permanently (if not done in 1924), lowering interest rate further, devaluing the pound, continuing and even accelerating national development public work programs, later combining these with rearmament program.
9) How would the schemes above be funded? Well, many. First is the savings from earlier and bigger military spending cuts and land force demilitarizing. Second is the savings from unemployment doles. Third would be a national scale Land Value Tax of 15-20%...or more, someone in Pipisme's Keeping Liberal Party Flag Flying High thread mentioned that this was a really huge tax. Fifth is scaling back foreign investments for domesric investment via capital control measures. Sixth is levy on coal royalties (mentioned above). Seventh is borrowing from the domestic bond market. Finally, the last financing tool is the BOE, especially after going off Gold and nationalizing BOE.