Fears about the fiscal deficit and the possibility of a run on sterling caused MacDonald and Snowdon to take drastic action in the economic crisis of 1931. However, they could not win the support of the trade unions and the cabinet, so headed up a 'National' Government of Conservatives and Liberals. Labour was decimated in the elections of 1931 and 1935 -- not returning to power until Churchill's war-time coalition.

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