By the summer a run on the pound was threatened.
Some ministers suggested floating the pound, an option which Macmillan discussed in his diary on 23 July, although he rejected it as it would have irritated the Americans and would have had to be accompanied by deflation. Macmillan wrote to ministers on 28 July ordering public spending restraint.
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Cairncross , who had succeeded Robert Hall as the government's economic advisor, believed that Lloyd might have given some kind of private promise not to actually use it. Lloyd also announced a Pay Pause on 25 July, until 31 March Labour moved into a 5 point lead in the opinion polls. It mainly affected public sector employees such as nurses and teachers as many private companies had contractual arrangements for automatic pay rises or arbitration.
Lloyd had announced that there would be a new economic planning body as part of his 25 July measures. There was a stormy meeting of the Cabinet on 21 September, at which only John Hare and Lord Hailsham supported him, but covert support for the proposal from Macmillan swung other ministers behind the scheme.
Lloyd did not get on with trade unionists. The TUC, which disliked the Pay Pause, agreed to cooperate only on condition that they were not expected to preach wage restraint. Henry Brooke was appointed to the new position of Chief Secretary to the Treasury in October so Lloyd did not have to spend all his time arguing with Cabinet colleagues about their planned level of expenditure. There was a big pay increase in the electricity industry in November , because of the strength of the unions and the weakness of the minister Richard Wood.
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There was even a threat to strike by the workers who made cricket balls. The White Paper also condemned automatic wage increases because of cost of living increases and comparability between different types of work. On 14 February , over whisky at 10 Downing Street, Macmillan persuaded the railway union bosses to call off their planned strike, an achievement trumpeted by the press as "Mac's Triumph".
In April , on the eve of Lloyd's second and final budget, he faced a Cabinet rebellion over Schedule A tax a tax on the theoretical rental value of a house, paid by the homeowner. This was in line with current rates of growth in continental Europe, but the Treasury were sceptical that the UK could achieve it, rightly as it turned out.
The question of the growth in public spending was left unresolved.
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Macmillan appears to have agreed that the budget could not be a popular one, but the Cabinet revolt, which Lloyd lacked the eloquence to counter, was an embarrassment to Macmillan as well, which added to Macmillan's irritation with Lloyd. Many industrialists also felt that Britain's economic problems, especially her balance of payments deficit, should be solved by expansion, not by contraction, a view shared by Labour Leader Hugh Gaitskell , and by Roy Jenkins , who in the budget debate quoted the " Financial Times " to the effect that the budget had done nothing for exports or for investment.
Macmillan, disingenuously, as he had already decided to sack him, wrote to Lloyd on 11 April congratulating him and asking him to begin preparing an expansionary budget for to help the Conservatives win re-election. Bank Rate was cut to 4. Macmillan was pushing for a full-on incomes policy, led by the NEDC, in the hope that his growth policy would not lead to inflation. He addressed the Cabinet about economic policy on 28 May , stressing that he wanted Britain to achieve low unemployment, low inflation, high growth and a strong pound, and that this could best be achieved by an incomes policy to boost productivity.
Lloyd was sceptical. On 19 June Macmillan presented his ideas on incomes policy to three or four colleagues at Chequers. Macmillan urged a "guiding light" a target for wage increases as had been agreed at the beginning of the year , a Standing Commission on Pay but with power only to give advice, not to coerce wage settlements , abolition of Resale Price Maintenance in the end this would be done by Edward Heath in and creation of a Consumers Council; Lloyd was sceptical but the other ministers seemed in favour.
Macmillan had lunch with Butler on 21 June to discuss the impending reshuffle.
Macmillan would have liked to appoint Lloyd Home Secretary , as he was moving Rab Butler from this post, but Lloyd had made clear when Macmillan became Prime Minister in January that as an opponent of capital punishment it would not be proper for him to accept that position because a person sentenced to hang was entitled to appeal to the Monarch for mercy, which in practice meant that the Home Secretary, to whom the task was delegated, had the final say on whether any execution should proceed.
Macmillan planned to break the news of his impending dismissal to Lloyd, but Butler leaked it to the press first — the news appeared in the "Daily Mail" on the morning of 12 July. Next morning, 13 July, Macmillan carried out the rest of his changes after hearing, from Lord Home, that Lloyd had tried in vain to get John Hare , Minister of Labour, to resign in protest. He sacked a third of his Cabinet in a brutal reshuffle which came to be known as the " Night of the Long Knives ".
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Unless one counts Butler's removal in December , Lloyd was the only Chancellor of the postwar era to be sacked outright until Norman Lamont in May Lloyd privately thought Macmillan too obsessed with unemployment, risking higher inflation. He was cheered to the echo when he reentered the Commons Chamber after his sacking, whereas Macmillan entered in silence from his own party and jeers from the Opposition, and was subjected to public criticism then almost unprecedented from his predecessor Lord Avon.
Once is more than enough. Having refused the offer of a peerage from Macmillan, on 20 July Lloyd was appointed a Companion of Honour. Lloyd left his black Labrador , " Sambo ", for whom there was no room in his London flat, behind at Chequers. At a meeting of the new Cabinet later that summer, Sambo came sniffing amongst the ministers searching for his master. Macmillan ignored the animal, which was likened by one observer to Banquo 's ghost.
Lloyd did not regard his political career as over, and declined the chairmanship of Martins Bank and other City posts.
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He told him that sacking him had been a mistake and that he was looking for a way to bring him back. Lloyd attributed this to Macmillan's ruthlessness and survival instinct. Lloyd became a popular figure with Conservative Party members after travelling the country in the bitter winter of the worst since to write his report on party organisation.
After Macmillan's impending resignation was announced in October , Lloyd was one of those who pressed Alec Douglas-Home to stand for the party leadership. He was also an influential figure with the Chief Whip Martin Redmayne. Lloyd was called back to the government in by Alec Douglas-Home. He refused the Home Office. He also refused the Chairmanship of the Party, as he felt he had done what he could and did not want to spend "another winter traipsing around the country".
In the end he was appointed Leader of the House of Commons , a job which had already been promised to John Boyd-Carpenter. Lloyd helped to discourage Thorneycroft from standing for the Conservative leadership in He supported Maudling, who was defeated by Edward Heath. He also visited Rhodesia , whose white minority regime had recently declared unilateral independence from the UK, in February There he met people, including 60 Africans, and impressed on Prime Minister Ian Smith that white minority rule could not last.
On his return to the UK in time for the general election campaign in March , Lloyd was attacked both by the left for having seemed to condone the Smith regime and from the right for not having supported it.
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He returned to the backbenches in , at his own request. Lloyd continued to serve on many committees and to campaign for the Conservative Party in North-West England. In the General Election organisational reforms made in response to Lloyd's report of bore fruit, especially in the North-West, and specifically the provision of more paid agents.
The reforms were thought to have resulted in the gain of 10 seats, contributing to Heath's narrow victory. Lloyd was sounded out for, but declined, the Washington Embassy. In , after the Conservatives had returned to power, Lloyd became Speaker. He was elected Speaker by votes to 55, the opposition coming from those who thought the election was a stitch-up between the leadership of the two main parties.
Mindful that the long hours required as Speaker had broken the health of several of his predecessors, he increased the number of deputy speakers to three to ease the burden. His preference was to let as many members as possible be heard, rather than err on the side of firmness, and he also practised what Thorpe describes as "selective deafness" rather than punish every unparliamentary outburst.
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He retired as Speaker on 3 February ,  when he was raised to the peerage and appointed to be the Steward of the Manor of Northstead. He became an honorary fellow of his old college, Magdalene. In retirement he lived at Preston Crowmarsh , Oxfordshire.
He did a great deal of charity work and was an active patron and generous host to the nearby Oxford University Conservative Association. He died at home of a brain tumour on 17 May Lloyd remained on very friendly terms with Eden, and the two men cooperated throughout the s and s, over Eden's memoirs and information which they gave, often anonymously, to historians about Suez.
In public they maintained the pretence that there had been no collusion with Israel. Richard Crossman told Hugh Thomas that any attempt to impeach Lloyd would come to nothing because Lloyd was personally popular. Thomas, who was married to Gladwyn Jebb's daughter, began with little sympathy for Eden and Lloyd and came to feel more so, especially as Lloyd told him that Suez was an issue that was simply not black and white. Nutting No End of a Lesson : and Harold Macmillan whose relevant volume came out in were also publishing memoirs.
Lloyd insisted that this was perfectly legitimate and that this had been the view of Edward Grey and Ernest Bevin. Nutting's book made Lloyd more determined to release his own memoirs in due course. Sir Donald Logan had to help finish the research as Lloyd by then was ill and could not concentrate for longer than ten or fifteen minutes at a time. He insisted that there had been no "collusion" as Britain had acted in good faith, and had not instigated the Israeli attack.
Nigel Nicolson thought the book "pathetic". Lloyd did not live to complete his memoirs, which he had planned to call "A Middle-Class Lawyer from Liverpool" after a famous sneer of Harold Macmillan's at his expense. Lloyd was respected for his cool and shrewd judgement.