The conference saw the group admit the failure of the
gold standard and abandon attempts to return to it. The meeting also worked to establish a zone of limited
tariffs within the
British Empire, but with high tariffs with the rest of the world. This was called "
Imperial preference" or "Empire Free-Trade". This abandonment of open
free trade led to a split in the British government.
The conference was especially notable for its adoption of
Keynesian ideas such as lowering
interest rates, increasing the
money supply, and expanding
government spending.