People's Budget called the People's Budget "a revolutionary concept" because it was the first budget in British history with the expressed intent of redistributing wealth equally amongst the British population. It was a key issue of contention between the Liberal government and the Conservative-dominated House of Lords, leading to two general elections in 1910 and the enactment of the Parliament Act 1911. The Budget was introduced in the British Parliament by David Lloyd George on 29 April 1909. Lloyd George argued that the People's Budget would eliminate poverty, and commended it thus: The budget included several proposed tax increases to fund the
David Lloyd George 1924 by which American banks loaned large sums to Germany, which paid reparations to the Allies, who in turn paid off their war loans to the United States. In 1921 Lloyd George successfully concluded the Anglo-Soviet Trade Agreement. Despite much effort he was unable to negotiate full diplomatic relations, as the Russians rejected all repayment of Tsarist era debts, and Conservatives in Britain grew exceedingly wary of the communist threat to European stability. Indeed, Henry Wilson, the Chief of the Imperial General Staff, believed Lloyd George had become "a traitor & a Bolshevist". Lloyd George in 1922 set about to