Chamberlain combined protectionism with balanced budgets

The biography describes Chamberlain's Treasury policy as combining fiscal restraint with considerable intervention in the economy. Tariffs shifted part of the tax burden toward indirect taxation as Britain moved away from free trade. Managed sterling, agricultural protection, support for an iron and steel cartel, and public funding for a London Transport monopoly all fitted this approach. Chamberlain nevertheless resisted tax cuts that threatened an unbalanced budget, fearing uncertainty and higher interest rates. Critics such as Amery wanted a more active response to unemployment and regarded balancing the budget alone as inadequate.