Prime Minister of the United Kingdom retirement from the Commons, which elevates the individual to the House of Lords. Formerly, the peerage bestowed was usually an earldom, with Churchill offered a dukedom. From the 1960s onward, life peerages were preferred, although in 1984 Harold Macmillan was created Earl of Stockton. Sir Alec Douglas-Home, Harold Wilson, James Callaghan and Margaret Thatcher accepted life peerages, although Douglas-Home had previously disclaimed his hereditary title as Earl of Home. Edward Heath did not accept a peerage of any kind and nor have any of the Prime Ministers to retire since 1990; although Heath and Major were later appointed as Knights
Harold Wilson then party leader, died unexpectedly in 1963 and Wilson was elected leader. Narrowly winning the 1964 general election, Wilson won an increased majority in a snap 1966 election. Wilson's first period as Prime Minister coincided with a period of low unemployment and relative economic prosperity, though hindered by significant problems with Britain's external balance of payments. In 1969 he sent British troops to Northern Ireland. After losing the 1970 election to Edward Heath, he spent four years as Leader of the Opposition before the February 1974 election resulted in a hung parliament. After Heath's talks with the Liberals broke down,