Robert Peel In 1830 the Whigs finally returned to power and Peel became a member of the Opposition for the first time. After successive election defeats, leadership of the Conservative Party gradually passed from Wellington to Peel, and when King William IV asked Wellington to become Prime Minister in November 1834, he declined and Peel was selected instead, with Wellington serving as caretaker until Peel took office. Peel then issued the Tamworth Manifesto (December 1834), laying down the principles upon which the modern British Conservative Party is based. His first ministry was a minority government, dependent on Whig support and with Peel
Prime Minister of the United Kingdom behalf. Since the office evolved rather than being instantly created, it may not be totally clear-cut who was the first Prime Minister. However, this appellation is traditionally given to Sir Robert Walpole, who became First Lord of the Treasury in 1721. In 1720, the South Sea Company, created to trade in cotton, agricultural goods and slaves, collapsed, causing the financial ruin of thousands of investors and heavy losses for many others, including members of the royal family. King George I called on Robert Walpole, well known for his political and financial acumen, to handle the emergency. With considerable skill and