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
Shadow Chancellor of the Exchequer Shadow Chancellor of the Exchequer The Shadow Chancellor of the Exchequer in the British Parliamentary system is the member of the Shadow Cabinet who is responsible for shadowing the Chancellor of the Exchequer. The title is in the gift of the Leader of the Opposition but is informal. The Shadow Chancellor has no constitutional role. The name for the position has a mixed history. It is used to designate the lead economic spokesman for the Opposition, although some Shadow Cabinets have not used the term (the Thatcher Shadow Cabinet in the Conservative Party Campaign of 1979). The term has been