Corn Laws - Repeal

Repeal

On 27 January 1846, Peel gave a three-hour speech saying that the Corn Laws would be abolished on 1 February 1849 after three years of gradual reductions of the tariff, leaving only a 1 shilling duty per quarter. Benjamin Disraeli and Lord George Bentinck emerged as the most forceful opponents of repeal in Parliamentary debates, arguing that repeal would weaken landowners socially and politically and therefore destroy the "territorial constitution" of Britain by empowering commercial interests.

On the third reading of Peel's Bill of Repeal (Importation Act 1846) on 15 May, MPs voted 327 votes to 229 (a majority of 98) to repeal the Corn Laws. On 25 June the Duke of Wellington persuaded the House of Lords to pass it. On that same night Peel's Irish Coercion Bill was defeated in the Commons by 292 to 219 by "a combination of Whigs, Radicals, and Tory protectionists". On 29 June Peel resigned as Prime Minister and in his resignation speech he attributed the success of repeal to Cobden:

In reference to our proposing these measures, I have no wish to rob any person of the credit which is justly due to him for them. But I may say that neither the gentlemen sitting on the benches opposite, nor myself, nor the gentlemen sitting round me—- I say that neither of us are the parties who are strictly entitled to the merit. There has been a combination of parties, and that combination of parties together with the influence of the Government, has led to the ultimate success of the measures. But, Sir, there is a name which ought to be associated with the success of these measures: it is not the name of the noble Lord, the member for London, neither is it my name. Sir, the name which ought to be, and which will be associated with the success of these measures is the name of a man who, acting, I believe, from pure and disinterested motives, has advocated their cause with untiring energy, and by appeals to reason, expressed by an eloquence, the more to be admired because it was unaffected and unadorned—the name which ought to be and will be associated with the success of these measures is the name of Richard Cobden. Without scruple, Sir, I attribute the success of these measures to him.

As a result the Conservative Party divided and the Whigs formed a government with Russell as PM. Those Conservatives who were loyal to Peel were known as the Peelites and included the Earl of Aberdeen and William Ewart Gladstone. During 1859 the Peelites merged with the Whigs and the Radicals to form the Liberal Party. Disraeli became overall Conservative leader during 1868, although, when Prime Minister, he did not attempt to reintroduce protectionism.