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One word for you- Chamberlain- If was still in power, Germany could have expanded all it wanted, as Chamberlain would just call for calm and hold up worthless peace accords with Germany.
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Chamberlain actually increased British military spending hugely to counter the German military build up. He migh have genuinely believed he had secured peace, but he certainly didn't stop preparing for war.
British military expenditure, millions of pounds:
1936 - 186
1937 - 262
1938 - 400
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Also you have to remember that historically nothing was really done until Germany invaded Poland, which ruined Chamberlain and gave us Winston Churchill who had always been suspicious of Germany's motives.
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Chamberlain didn't take concrete steps against Germany until after Hitler annexed the rump of Czechoslovakia. As he said, there was some justification for Germany's moves up to that point (Hitler had only absorbed territory that was ethnically German, and had had popular support for doing so).
When Germany annexed the non-German parts of Czechoslovakia, in violation of the Munich agreement, Chamberlain made overtures to Poland to guarantee the Polish border against Germany. That was effectively drawing a line in the sand against further German expansion.
Don't forget it was Chamberlain who offered guarantees to Poland, and Chamberlain who declared war in support of those guarantees.