As a backbencher, he spoke in debates in support of Dalton's nationalisation of the Bank of England, which eventually received Royal Assent on 14 February 1946. Dalton was trying to score party points by claiming that he was reasserting political control over the City of London, a far-fetched claim as the Bank was already under political control. Although some Conservative MPs spoke against the measure it was not opposed by Churchill, then Leader of the Opposition, who had had an ambivalent view of the Bank since his own time as chancellor in the 1920s.