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Out of Parliament: 1922–1924

Churchill spent much of the next six months at the Villa Rêve d'Or near Cannes, where he devoted himself to painting and writing his memoirs. He wrote an autobiographical history of the war, The World Crisis. The first volume was published in April 1923 and the rest over the next ten years. After the 1923 general election was called, seven Liberal associations asked Churchill to stand as their candidate, and he selected Leicester West, but did not win. A Labour government led by Ramsay MacDonald took power. Churchill had hoped they would be defeated by a Conservative-Liberal coalition. He strongly opposed the MacDonald government's decision to loan money to Soviet Russia and feared the signing of an Anglo-Soviet Treaty.

In March 1924, alienated by Liberal support for Labour, Churchill stood as an independent anti-socialist candidate in the Westminster Abbey by-election but was defeated. In May, he addressed a Conservative meeting in Liverpool and declared there was no longer a place for the Liberal Party in politics. He said that Liberals must back the Conservatives to stop Labour and ensure "the successful defeat of socialism". In July, he agreed with Conservative leader Stanley Baldwin that he would be selected as a Conservative candidate in the next general election, which was held on 29 October. Churchill stood at Epping, but described himself as a " Constitutionalist ". The Conservatives were victorious, and Baldwin formed the new government. Although Churchill had no background in finance or economics, Baldwin appointed him as Chancellor.