History of the British peerage much more common. The peerage ceased to be associated with wealth or land ownership. At the beginning of the century, however, such associations remained for some time. In 1909, Chancellor of the Exchequer David Lloyd George proposed the introduction of a land tax, which the landowning peers opposed. The House of Lords rejected the budget. After the general election of January 1910, the returned government introduced the Parliament Bill, which sought to curtail the powers of the Lords. When the Lords attempted to block the bill, the prime minister, Herbert Henry Asquith, threatened to have the king create two hundred
Stop of the Exchequer to be serviced at a rate of 8% per annum, and there was also a service charge of £4000 per annum for the management of the loan. The founding of the Bank of England put an end to defaults such as the Great Stop of the Exchequer. From now on, the British Government would never fail to repay its creditors. Kenyon argues that the Stop was a failure simply because it had never been tried in England before. The French and Spanish Governments periodically repudiated their debts without undue difficulty; but from the time of Elizabeth I the English Crown