November 7, 1924

Churchill stood for election in 1924 as a ‘Constitutionalist’ rather than Liberal or Unionist and won a seat representing the constituency of Epping.

He then accepted appointment in Stanley Baldwin’s Unionist government as Chancellor of the Exchequer, the highest ministerial post once held by his father Lord Randolph. He said, ‘This fulfills my ambition. I still have my father’s robe as Chancellor. I shall be proud to serve you [Baldwin] in this splendid Office’.

For more than a year prior to Churchill taking up the post, the Governor of the Bank of England Montagu Norman had been advocating the return to the Gold Standard, in order to stabilise the economy. Though other Treasury officials also supported the move it was considered very controversial. Churchill took up the position to make the change, which ended with disastrous economic results.

He later considered this to be one of the greatest mistakes of his career.