Panic of 1866

Similar to the "knife and fork" motives of Chartism in the late 1830s and 1840s, the financial pressure on the British working class led to rising support for greater representation of the people.

Groups such as the Reform League saw rapid increases in membership and the organisation spearheaded multiple demonstrations against the political establishment such as the Hyde Park riot of 1866.

Ultimately the popular pressure that arose from the banking crisis and the recession that followed can be held partly responsible for the enfranchisement of 1.1 million people as a result of Disraeli's reform bill.

[2] The Companies Act 1862 created a financial boom which laid the groundwork for the larger banks of British finance during the latter half of the 19th century.

[6] According to a 2022 study, "countries exposed to bank failures in London immediately exported significantly less and did not recover their lost growth relative to unexposed places.

Cartoon from Fun magazine, 1866. The caption reads 'The Old Lady of Threadneedle Street — "Now, my young friends, let this be a warning to you against rash speculation. What would you have done but for my little savings?"'