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In 1917, he returned to government under David Lloyd George as Minister of Munitions, then as Secretary of State for War and Air, and finally for the Colonies, overseeing the Anglo-Irish Treaty and Britain's Middle East policy. After two years out of Parliament, he served as Chancellor of the Exchequer in Stanley Baldwin's Conservative government, returning the pound sterling in 1925 to the gold standard at its pre-war parity, a move widely seen as creating deflationary pressure on the UK economy.
Churchill and Politics
In 1917, he returned to government under David Lloyd George as Minister of Munitions, then as Secretary of State for War and Air, and finally for the Colonies, overseeing the Anglo-Irish Treaty and Britain's Middle East policy. After two years out of Parliament, he served as Chancellor of the Exchequer in Stanley Baldwin's Conservative government, returning the pound sterling in 1925 to the gold standard at its pre-war parity, a move widely seen as creating deflationary pressure on the UK economy.