After being in Opposition from 1830 to 1834, he became Prime Minister in November 1834. Peel issued the Tamworth Manifesto (December 1834), laying down the principles upon which the modern British Conservative Party is based. His first ministry was a minority government, dependent on Whig support and with Peel serving as his own Chancellor of the Exchequer. After only four months, his government collapsed and he served as Leader of the Opposition during Melbourne's second government (1835–1841). Peel became Prime Minister again after the 1841 general election. His second government ruled for five years. He cut tariffs to stimulate trade, replacing the lost revenue with a 3% income tax. He played a central role in making free trade a reality and set up a modern banking system. His government's major legislation included the Mines and Collieries Act 1842, the Income Tax Act 1842, the Factories Act 1844 and the Railway Regulation Act 1844. Peel's government was weakened by anti-Catholic sentiment following the controversial increase in the Maynooth Grant of 1845. After the outbreak of the Great Irish Famine, his decision to join with Whigs and Radicals to repeal the Corn Laws led to his resignation as Prime Minister in 1846. Peel remained an influential MP and leader of the Peelite faction until his death in 1850.
