Budget League Budget League The Budget League was a British pressure group formed in 1909 by Winston Churchill to publicly campaign in favour of David Lloyd George's People's Budget in reaction to the activities of the Budget Protest League. The foundation of the League had not been discussed in the Cabinet and when Sir Henry Norman requested Cabinet ministers to speak at its meetings, nearly all of them refused to participate. However, after Jack Pease issued a circular to all Cabinet members, the League was able to announce that many leading Liberals would speak at its meetings. A conference on 9 July
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