Following the Carlton Club meeting, Lloyd George resigned as Prime Minister and Bonar Law formed a Conservative majority government.

Although still leader of the Liberal Party and a frequent public speaker, former Prime Minister Asquith was no longer a particularly influential figure in the national political debate, and he had played no part in the downfall of the Lloyd George coalition.

[1] Some of Lloyd George's National Liberals were not opposed by Conservative candidates (e.g. Winston Churchill, who was defeated at Dundee nonetheless), while many leading Conservatives (e.g. former parliamentary leaders Arthur Balfour and Sir Austen Chamberlain, and former Lord Chancellor Lord Birkenhead) were not members of Bonar Law's government, and hoped to hold the balance of power after the election (comparisons were made with the Peelite group—the ousted Conservative front bench of the late 1840s and 1850s); this was not to be, as Bonar Law won an overall majority.

Bonar Law's election address stated:The crying need of the nation have this moment ... Is that we should have tranquility and stability both at home and abroad so that the free scope should be given to the initiative and enterprise of our own citizens, for it is in that way, far more than by any action of the Government that we can hope to recover from the economic and social results of the war.

[4] The Labour Party proposed to nationalise the mines and railways, to impose a levy on financial capital, and to revise the peace treaties.