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From the entry for MacDonald in the Oxford Dictionary of National Biography:
By spring 1931 MacDonald, Lloyd George and their leading colleagues were holding weekly talks. Though the evidence is fragmentary, it seems clear that by July 1931 MacDonald was seriously exploring the possibility of an early Liberal-Labour coalition with himself as prime minister and Lloyd George in a senior cabinet post.
See http://www.oxforddnb.com/view/article/34704 - the final two sentences in the section Marking Time.

In July 1931 there were 283 Labour MPs and 54 Liberal MPs. The Labour Party would have overwhelmingly agreed to such a coalition. I expect the Liberal Party would have been divided but most probably a clear majority would have agreed, so that the coalition would have a majority in the House of Commons.

What would have been the economic and financial policies of such a government? Would the National Government which was formed on 24 August 1931 be butterflied away? Would MacDonald have called a general election for September or October 1931 with Labour and Liberals in alliance against the Conservatives, and a Liberal National type right-wing breakaway from the Liberals? Or would he have waited until winter 1933/1934 or spring 1934 before calling an election? It had to be held before June 1934.

There were 21 ministers in the cabinet in July 1931. Lloyd George would have insisted on at least three, perhaps four, Liberal ministers, with probably himself as Chancellor of the Exchequer.
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