Gold Standard

PROS

• limited physical supply of gold helps to restrict a government's ability to inflate the money supply
• the money supply naturally tends to grows at a rate to help keep prices stable
• With the gold standard, high inflation is extremely rare. In theory, our money would retain value and we would get a higher level of goods and services for our money.
• Money are actually spending REAL money and not debt.
• democratises money supply

CONS

• At the current price of gold the UK does not have enough gold to back all the ££.
• Gold is not intrinsically connected to our standard of living. Gold is theoretically disconnected from our standard of living.
• The theoretical disconnect between the value of money and living standards doesn't necessarily have to cause problems, but drastic changes in the purchasing power of money definitely has the potential to wreck havoc on an economy. For example, the hypothetical golden egg laying chicken scenario would be a complete economic disaster to any country on a gold standard. Obviously chickens won't start laying golden eggs, but things can happen such as one day other countries might find it in their interest to lay thousands of tonnes of gold on the markets which can have a similar effect as the hypothetical golden egg laying chickens.
• valuable resources that could be used to produce useful things are instead redirected and used to dig gold out of the ground
• gold is purchased by creating new money which effectively devalues existing money.
• Limits to the money supply could cause money to become scarce in some areas, at times. 
• It would also do little for global inequality when it comes to distribution of wealth.