Philip Snowden: The First Labour Chancellor of the Exchequer

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However, with the decline of Keynesianism as a model after 1968, historians have re-evaluated Snowden in a more favourable light. Gaitskell was educated at the Dragon School from 1912 to 1919, where he was a friend of the future poet John Betjeman. He was opposed to the convertibility of currencies and non-discrimination between trading partners, both policies which the US favoured. So far what Nasser has done amounts to a threat, a grave threat to us and to others, which certainly cannot be ignored; but it is only a threat, not in my opinion justifying retaliation by war.

Gaitskell, although no Marxist, was a sincere socialist but nonetheless was in some respects the The need for the breaking down of trade restrictions, which took various forms, was universally recognized even by those who were unable to throw off those shackles".Gaitskell appears to have largely ignored this sum of capital, and his wife had no idea of his wealth. Despite his illness, as a protege of Dalton he was seriously considered for immediate appointment as a junior minister, Parliamentary Under-Secretary at the Board of Trade (under Stafford Cripps). There were also very real worries that the Soviets might invade western Europe (which was unarmed, with strong communist influence in many countries) and that the US would not help Britain if she did not help herself. Gaitskell made the controversial decision to introduce charges for prescription glasses and dentures on the National Health Service in his spring 1951 budget. By the second half of 1951 the overseas sterling area was importing from North America at double the 1950 rate.

It was during that year he had prostate gland surgery, following which his health and mobility declined.The decision was finally confirmed by the Cabinet on 9 August, although Cripps rejected Gaitskell's plan for a floating band. Philip Snowden, 1st Viscount Snowden ( 18 July 1864 – 15 May 1937) was a British politician, and the first Labour Chancellor of the Exchequer. Economy, Free Trade, Gold — these were the keynotes of his political philosophy, and deflation the path he trod with almost ghoulish enthusiasm. Lord Snowden died of a heart attack at his home, Eden Lodge, Tilford, Surrey, on 15 May 1937, aged 72.

Many, including Tony Benn – a Labour centrist at the time – simply thought him a divisive figure and initially welcomed Wilson as a fresh start who could unite the party. Snowden unsuccessfully contested the Wakefield constituency in West Yorkshire in a by-election in March 1902, where he received 40 percent of the votes. The November 1959 Conference, postponed because of the election, was already divided by rumours that Gaitskell was planning action over Clause IV. At the party meeting Bevan refused to agree to toe the party line, but the issue was defused by a conciliatory motion by the centrist "Keep Calm" group, passed against the wishes of the platform.In a final effort to stave off an inevitable Gaitskell victory, Bevan proposed that he and Gaitskell both withdraw in Morrison's favour, but Gaitskell rejected the offer. In February 1952 Bevan led a rebellion of 56 other Labour MPs to vote against the Conservatives' defence spending plans (the official Labour position was to abstain). In 1956 the Egyptian ruler Colonel Gamal Abdel Nasser nationalised the Suez Canal Company, beginning the Suez Crisis.