Elected (1890) to Parliament as a Liberal, the young Lloyd George soon became known as a radical and an anti-imperialist. He bitterly opposed the South African War. In 1905 he entered Sir Henry Campbell-Bannerman's ministry as president of the board of trade, establishing an outstanding reputation for his welfare reforms. In 1908 he was appointed chancellor of the exchequer by Herbert Asquith, later 1st earl of Oxford and Asquith. The rejection by the House of Lords of his 1909 budget, which provided for a system of social insurance partly financed by land and income taxes, led to passage of the Parliament Act of 1911, by which the Lords lost its power of veto (see Parliament).