Chancellor of The Exchequer
Childers became Chancellor of the Exchequer in 1882, a post he had coveted. As such, he attempted to implement a conversion of Consols in 1884. Although the scheme proved a failure, it paved the way for the subsequent conversion in 1888. He attempted to resolve a budget shortfall in June 1885 by increasing alcohol duty and income tax. His budget was rejected by Parliament, and the government - already unpopular due to events in Egypt - was forced out of office. The Earl of Rosebery commented resignedly: "So far as I know the budget is as good a question to go out upon as any other, and Tuesday as good a day."
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