Rise of Neville Chamberlain in January 1924, and Ramsay MacDonald became the first Labour Prime Minister. Chamberlain's majority in Birmingham Ladywood was cut yet again, this time to 1,500 votes. With the Unionists in opposition, Chamberlain managed to broker a reconciliation between his brother (and the other Coalitionists) and the new leadership, and Austen Chamberlain resumed his place on the front benches. The Labour government fell within months, necessitating another general election. Neville Chamberlain was challenged by Labour candidate Oswald Mosley, who later led the British Union of Fascists. Mosley campaigned aggressively in Ladywood; and accused Chamberlain of being a "landlords' hireling". The outraged
Rise of Neville Chamberlain Conference, Chamberlain presented his first budget, in April 1932. The gold standard had been abandoned in the early days of the National Government; the Bank of England sought its restoration. Chamberlain, on advice from his officials, declined to restore the gold standard, realising that a devalued pound would improve the balance of trade. Otherwise, Chamberlain maintained the severe budget cuts that had been agreed to at the inception of the National Government: Chamberlain cut means-tested benefits and public sector wages, which proved to be an unpopular move. He also cut interest rates, which led to a house-building boom in the