However, the real problems with the British economy at this time were, in Dell's view, short-termism (longer time was needed to get results) and an overvalued exchange rate. The immediate cause for Lloyd's dismissal was that Macmillan saw the Treasury as obstructive in drawing up a workable incomes policy, but Dell argues that the real problem was lack of political will, by Macmillan and other ministers, to enforce compulsory wage control. Macmillan wanted the "open air cure" (i.e. public moral pressure to discourage inflationary wage rises), so it is hard to see how Lloyd could have urged anything stronger. A National Incomes Commission ("Nicky") was eventually set up 26 July 1962, after Lloyd's dismissal. It was boycotted by the TUC, who claimed to have been inadequately consulted. It had no compulsory powers, but only powers to demand papers and interview people, and make criticisms of wage settlements which were deemed not in the national interest. Only three cases were ever referred to it.