With the passage of the People's Budget in 1912, the veto power of the House of Lords was removed. This was after 2 general elections and the threat to flood the HoL with 500 liberal peers.
Now, my question is that can the People's Budget be defeated? This seems pretty hard to do, as it either requires the monarch to refuse to create the liberal peers or for the Unionists to get a majority or a hung parliament in the Commons. I do not believe that King Edward would have rejected Asquith's request for liberal peers, but possibly we can get George V to refuse the request. An entirely new can of worms is opened up if the monarch refuses Asquith's requests, but it would surely be interesting.
If we take the Commons route, I don't see much of a reason for the Unionists to make bigger gains than they did in OTL, but if the Liberals refuse to consent to Home Rule, then they won't have the Irish support and the Liberal majority won't be as secure.
If the People's Budget is in the end defeated and put to rest, what will Britain look like going forward?