As Chancellor of the Exchequer (1908–15) he introduced old‐age pensions (1908) and national insurance (1911). His ‘People’s Budget’ (1909), intended to finance reform by raised death duties and other taxes, was rejected by the Lords and led to a constitutional crisis which was eventually resolved by the Parliament Act of 1911. Supported by the Conservatives, he took over from Asquith as Prime Minister at the end of 1916 and led the coalition government for the remainder of World War I. In the postwar period his administration was threatened by increasing economic problems and trouble in Ireland; he resigned in 1922 after the Conservatives withdrew their support.