Churchill later wrote that he was "without an office, without a seat, without a party, and without an appendix", although he became one of 50
Companions of Honour named in Lloyd George's
1922 Dissolution Honours list. After the
1923 general election was called, seven Liberal associations asked Churchill to stand as their candidate, and he selected
Leicester West, but he did not win the seat. A Labour government led by
Ramsay MacDonald took power. Churchill had hoped they would be defeated by a Conservative-Liberal coalition. He strongly opposed the MacDonald government's decision to loan money to Soviet Russia and feared the signing of an Anglo-Soviet Treaty. On 19 March 1924, alienated by Liberal support for Labour, Churchill stood as an independent anti-socialist "
Constitutionalist" candidate in the
Westminster Abbey by-election but was defeated. In May, he addressed a Conservative meeting in Liverpool and declared that there was no longer a place for the Liberal Party in British politics. He said that Liberals must back the Conservatives to stop Labour and ensure "the successful defeat of socialism". In July, he agreed with Conservative leader
Stanley Baldwin that he would be selected as a Conservative candidate in the
next general election, which was held on 29 October. Churchill
stood at Epping, but he still described himself as a "
Constitutionalist". The Conservatives were victorious and Baldwin formed the new government. Although Churchill had no background in finance or economics, Baldwin appointed him as Chancellor of the Exchequer. ==Local effect==