Winston Churchill Is Appointed Chancellor Of the Exchequer

Winston Churchill is justly admired for his lonely advocacy of rearmament in the 1930s, but as Chancellor of the Exchequer in the 1920s he was an equally staunch and eloquent critic of arms budgets, particularly those of the Royal Navy. Motivated by a desire for funds to reduce taxes and increase social spending, as well as a sincere belief that no enemy could or would challenge Britain's strategic position in the foreseeable future, Churchill campaigned vigorously for strategic complacency and against naval expenditure throughout his tenure as Chancellor. He promoted the formal assumption that any war was at least ten years away and he strenuously opposed Admiralty plans for warship construction, naval aviation development, and a Singapore naval base. The result was a seriously weakened Royal Navy in the following decade when Churchill demanded a more assertive British foreign policy.