William Pitt the Younger King refused to support him. Fox stated the bill was necessary to save the company from bankruptcy. Pitt responded that: "Necessity was the plea for every infringement of human freedom. It was the argument of tyrants; it was the creed of slaves." The King was opposed to the bill; when it passed in the House of Commons, he secured its defeat in the House of Lords by threatening to regard anyone who voted for it as his enemy. Following the bill's failure in the Upper House, George III dismissed the coalition government and finally entrusted the premiership to William Pitt,
William Pitt the Younger William Pitt the Younger William Pitt the Younger (28 May 1759 – 23 January 1806) was a prominent British Tory statesman of the late 18th and early 19th centuries. He became the youngest British prime minister in 1783 at the age of 24. He left office in 1801, but was Prime Minister again from 1804 until his death in 1806. He was Chancellor of the Exchequer for most of his time as Prime Minister. He is known as "the Younger" to distinguish him from his father, William Pitt, 1st Earl of Chatham, called "William Pitt the Elder" or simply "Chatham",