Churchill has told us his political career during 1922-1931 as the Exchequer in Mr. Baldwin’s government.
Sooner after WWI, one of the main problem for Britain was to pay for its loan and focus on economic recovery. Britain has owed USA 4 billion and Russia 7 billion. Britain had paid 3 full payments to USA by collecting Indenanities from Germany and renegociated the interest rate from 5% to 3.5%. While the payment to Russia was unsaid.
He also discussed the Conference at Locarno joint by Britain, France, Germany, Belgium and Italy. In the conference, numerous agreements were reached while the disarm in Allies was left untouched. In 1929, Churchill stepped down from his post to avoid forming minority government with Liberals. Mr. Ramsay thus became PM leading his Socialists-Labor party, with the support from Liberals.
The global economic crisis had brought much tension and troubles not only in USA but also in Britain The Minority government could not deal with the problems and tended to form a National Coalition, leaded by Ramsay. Churchill was left out of it but he was not unhappy about it as he would not give up his political view in India issue, not mention his dislike of the policy made by Socialist-Labor.