There was the Treasury View of the desirability of the gold standard back then.
Now, just about everyone except probably Richard Wellings of the IEA accepts that Britain going back on the gold standard under Churchill was one of the worst economic decisions ever. He should read Lords of Finance to learn that even Churchill realised this, and wandered around afterwards gnashing his teeth about the decision. Whatever out of context quote Churchill may have given spouting Treasury view (see IEA blog), the truth is he learned to distrust them, terribly.
The idea of quoting Churchill to prove Keynes wrong is quite bizarre. Even more biizarre, Richard has recently been quoting Keynes to prove that the liquidity trap is wrong. Which argument from authority are we likely to take next? Perhaps Chamberlain proving that Churchill was wrong.
Being on the gold standard at too high a level forced deflation upon the UK. They put pressure on the US to keep rates low, therefore exacerbating the boom of US stocks. It was a giant mistake. And fiscal policy and the abandoment of monetary orthodoxy were what ultimately pulled us from recession.
The other different thing about pre WWII is the extremes of wealth inequality. Chris Dillow has a simply brilliant post explaining how it all disappeared in the last 80 years. I had always thought wartime expropriation, but had been waiting for a post like this to explain further.