David Lloyd George
Chancellor of the Exchequer (1908–1915)

On Campbell-Bannerman's death, he succeeded Asquith, who had become prime minister, as Chancellor of the Exchequer from 1908 to 1915. While he continued some work from the Board of Trade—for example, legislation to establish the Port of London Authority and to pursue traditional Liberal programmes such as licensing law reforms—his first major trial in this role was over the 1909–1910 Naval Estimates. The Liberal manifesto at the 1906 general election included a commitment to reduce military expenditure. Lloyd George strongly supported this, writing to Reginald McKenna, First Lord of the Admiralty, of "the emphatic pledges given by all of us at the last general election to reduce the gigantic expenditure on armaments built up by the recklessness of our predecessors." He then proposed the programme be reduced from six to four dreadnoughts. This was adopted by the government, but there was a public storm when the Conservatives, with covert support from the First Sea Lord, Admiral Jackie Fisher, campaigned for more with the slogan "We want eight and we won't wait". This resulted in Lloyd George's defeat in Cabinet and the adoption of estimates including provision for eight dreadnoughts. During this period he was also a target of protest by the women's suffrage movement, for he professed personal support for extension of the suffrage but did not move for changes within the Parliament process.
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