The National Government 's huge majority left MacDonald with the largest mandate ever won by a British Prime Minister at a democratic election , but MacDonald had only a small following of National Labour men in Parliament . He was ageing rapidly , and was increasingly a figurehead . In control of domestic policy were Conservatives Stanley Baldwin as Lord President and Neville Chamberlain the chancellor of the exchequer , together with National Liberal Walter Runciman at the Board of Trade . MacDonald , Chamberlain and Runciman devised a compromise tariff policy , which stopped short of protectionism while ending free trade and , at the 1932 Ottawa Conference , cementing commercial relations within the Commonwealth
1932 Ottawa Conference
British Empire Economic Conference
Ramsay MacDonald