During his near 6 years as British Prime Minister (PM), David Lloyd George (Welsh by adoption if not by birth) managed to accumulate a large election ‘war chest’, known as the "Lloyd George Fund", mostly gained through the sale of honours and titles to wealthy donors. Many honours, knighthoods and peerages (over 50), went to donors in and around the city of Cardiff, to the extent that it was dubbed by some as the “City of Dreadful Knights”, named after a famous poem of the time, "The City of Dreadful Night" by James Thomson.

David Lloyd George (17 January 1863 – 26 March 1945) was a British statesman and Liberal politician. As PM he led the WW I Coalition Government (1916–22). However, governing with the Conservatives estranged him from his own Liberal Party, and re-election funding.

'Cash for honours' was a practice of the time. Lloyd George managed to ennoble 91 peers during his premiership and created the O.B.E. (Order of the British Empire), of which he awarded 25,000 while in office. The 'going rate' for a knighthood was £10K (=£440K or $566K in 2018), a minor peerage was upward of £25K (=£1.1million or $1.4million in 2018). Senior, heritable peerages such as a Viscount, commanded much more.

Criticism of 'cash for honours' patronage was ‘managed’ by the award of many honours (50 plus) to press owners and editors. Additionally, Lloyd George used the services of a rogue called Maundy Gregory as an arm’s length conduit to strike 'bargains' with potential donors.

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