This is not a Budget, but a revolution; a social and political revolution of the first magnitude. - Archibald Primrose, 5th Earl of Rosebery

The old Liberal party is drawing to its end. These last two elections, particularly the last, are the Mene Mene Tekel Upharsen of the Liberal banquet. The socialist does not indeed get a majority but while the two old parties are cutting each other's throats, he slips in and will continue to slip in and the encouragement to his party is great. The Liberal party will lose their industrial seats, while the Conservative party, the natural refuge in time of trouble, creams off all who will accept protection.

...my watchword if I were in office at this moment would be summed up in one single word—the word "efficiency." (Cheers.) If we have not learned from this war that we have greatly lagged behind in efficiency we have learned nothing, and our treasure and our lives are thrown away unless we learn the lesson which the war has given us...last, and, perhaps, greatest of all, there comes a question that underlies the efficiency of our nation...I mean education (loud cheers), in which we are lagging sadly, and with which we shall have peacefully to fight other nations with weapons like the bow and arrow if we do not progress. We have nothing like a national system, but a great chaos of almost haphazard arrangement.

...what would be most extraordinary is this, that anybody who considered the state of the Liberal party then and now should expect me voluntarily to return to the Liberal party. (Laughter.) I left the Liberal party because I found it impossible to lead it, in the main owing to the divisions to which I referred in my letter. (Hear, hear.) The Liberal party in that respect is no better now, but rather worse; and it would indeed be an extraordinary evolution of mind if, after having left the Liberal party on that ground, I were to announce my intention of voluntarily returning to it in its present condition. No, gentlemen, so far as I am concerned, I must repeat what I have said on that subject in all my speeches, that for the present, at any rate, I must proceed alone. I must plough my furrow alone.