But they say they cannot put up any longer with me as a colleague. It is a serious thing to split the Liberal Party on whether I am a more attractive… - David Lloyd George

It was a dire alternative for a country to have a choice between tariff reform, which destroyed its industries, and Socialism and Communism, which destroyed the whole fabric upon which prosperity was based... It amounted to a choice of which they were going to cut—the carotid artery of foreign trade or the jugular vein of capital.

But they have not rejected the Budget; they have only referred it to the people. On what principle do they refer Bills to the people? I remember the election of 1900, when a most powerful member of the Tory Cabinet said that the Nonconformists could vote with absolute safety for the Government, because no question in which they were interested would be raised. In two years there was a Bill destroying the School Boards. There was a Bill which drove Nonconformists into the most passionate opposition. What did the House of Lords do? Did they refer it to the people? Oh no, there was a vast difference between protecting the ground landlords in towns and protecting the village Dissenter. After all, the village Dissenter is too low down in the social scale for such exalted patronage, so he was left to the mercy of a Tory House of Commons without any of this high and powerful protection. Well, the Dissenters, despised as they may be, once upon a time taught a lesson to the House of Lords, and ere another year has passed they will be able to say, "Here endeth the second lesson" .

What is the trouble in Europe today? Immediately after the War the danger was Communism. The danger today is an aggressive nationalism. It is the trouble which you get in Italy and South-Eastern Europe. It is the trouble which you get in the Balkans. It is the trouble which you have got on the Eastern Frontier of Germany, where there is a much more powerful party than the Communist party in favour of aggressive action. That is the trouble today, and into this troubled Europe...you throw this stone, this bone of contention. It is a leap in the dark and a leap into a whirlpool.