When Winston Churchill became Prime Minister in 1940, he bypassed the War Office altogether and appointed himself Minister of Defence ( though there was, curiously, no ministry of defence until 1947 ).

When Winston Churchill became Prime Minister in 1940, Wood was made Chancellor of the Exchequer, in which post he adopted policies propounded by John Maynard Keynes, changing the role of HM Treasury from custodian of government income and expenditure to steering the entire British economy.

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