Prior to the First World War, the operations of the British financial sector primarily fell under the jurisdiction of a banking aristocracy. The Old Guard, comprising prominent bankers and industrialists based in the City of London, oversaw a system of indirect regulation, characterized by the lack of direct government intervention and the self-sustaining operations of the classical gold standard. Yet the outbreak of the war fundamentally upended the traditional balance between the state and the economy. With the abandonment of the gold standard and the closure of the London Stock Exchange in 1914, the nation faced a series of unprecedented crises that threatened Britain’s hegemonic position in the global order. By war’s end, the Bank of England had begun to reconsider its position in the City, throughout Europe, and across the empire.