to swim". In 1950, he welcomed the "One Nation" pamphlet produced by new MPs, including Iain Macleod, Angus Maude, Edward Heath and Enoch Powell. Chancellor of the Exchequer When the Conservative Party returned to power in 1951, Butler was appointed Chancellor of the Exchequer in the absence of other candidates, Oliver Lyttleton being seen as too close to the City of London. He inherited a balance of payments crisis that was partially caused by the increase in defence spending as a result of the Korean War. Butler initially planned to let the pound float (which would in practice devalue it) and become partially convertible ("Operation ROBOT"). The latter was struck down by Lord Cherwell and his adviser Donald MacDougall, who prepared a paper for Churchill. The counterargument was that the balance of payments would have worsened, as any reduction in demand for imports would have been swamped by the rise in prices of imported goods. Furthermore, 90% of other countries' sterling balances, kept in London, were to be frozen. They too would effectively have been devalued, which would have angered Commonwealth countries, would have broken the rules for the International Monetary Fund and would not have been allowed under the new European Payments Union. He was also opposed by his junior minister, Arthur Salter, while Lord Woolton insisted Eden should be involved since the policy would affect foreign relations. Eden opposed it in a rare intervention in domestic politics. It was finally buried at two Cabinets, on 28 and 29 February 1952. Butler followed to a large extent the economic policies of his Labour predecessor, Hugh Gaitskell, by pursuing a mixed economy and Keynesian economics as part of the post-war political consensus. The name "Butskellism", referring to the generally similar economic policies pursued by both Conservative and Labour governments, was coined partly in response to Butler's extension of Gaitskell's NHS charges in 1952, the issue over which Aneurin Bevan and other Labour left-wingers had resigned in April 1951. In 1954, The Economist published an editorial headed "Mr Butskell's Dilemma", which referred to the "already... well-known figure" Mr Butskell as "a composite of the present Chancellor and the previous one". However, Butler had more interest in monetary policy and in convertibility, whereas Gaitskell was more inclined to exchange controls, investment and planning. Butler maintained import controls and began a more active monetary policy. In the March 1952 budget, he raised the