Gladstone as Chancellor of the Exchequer

Chancellor of the Exchequer 

• Most important government position after the prime minister
• In charge of the nations finances- especially the governements revenue (income) and expenditure (spending).

Gladstone was Chancellor of the Exchequer in two ministries- 1852-1855                                                                                                                                      1859-1866

Gladstone's views on Economic Policy

• Guided by his mentor Peel, Gladstone converted to the idea of Free Trade, arguing that the fewer duties there were, the cheaper it would be to manufacture goods. This would mean Britain would be more competitive on the world market and British exports and trade would increase.
• Thought that full employment and lower food prices would increase standard of living for the working classes.
• He wanted to keep both government expenditure and taxation to a minimum.
• Main aim- To create the right environment for people to prosper, to live economically and to build up their savings. By doing this, he argued people could help them selves, rather than expect the government to spend vast amount of money on…