ABSTRACT
Throughout his time as chancellor, Reginald McKenna tried to impress upon protagonists the practical considerations of the economy, both in winning the war and succeeding in the peace. The issues became personalised by, respectively, Lloyd George as the minister of Munitions, and McKenna as the chancellor of the Exchequer. Underlining his decision not only to retain but also to promote McKenna in May 1915, Margot Asquith continued to risk much over him that winter. Asquith had been accused of allowing his relationship with Venetia Stanley to affect his judgement in May 1915; he has also been accused by critics, and with more justification, of allowing his relationship with Reginald McKenna to affect his judgement throughout the eighteen months of the coalition. He grew closer to McKenna—and closer to Pamela Margaret Jekyll. Their correspondence grew in regularity and increased intensity from May 1915 to December 1916, when she became the most favoured member of what Margot called her husband's 'little harem'.
