Liberal reunification in 1918 is an old favorite of mine:
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Was the estrangement really hopeless? My understanding is that while Lloyd George was negotiating with the Unionists, he was also putting out feelers to the Asquith Liberals for Liberal reunification, offering Asquith the opportunity to return as Lord Chancellor, an offer Asquith declined. Suppose the negotiations with the Unionists had failed (we'll say that LG refuses to swallow Bonar Law's limit on the number of Liberals who could get the "coupon"--the point of the limitation was of course to make LG a captive of the Unionists) and those with the Asquithians had succeeded? The Liberals might still lose--in fact, I would say that they probably would--but they would at least remain a major party that could (like the Conservatives after another victorious war leader's electoral defeat in 1945) hope for a comeback. Whereas in OTL the Asquithian Liberals were reduced to minor-party status and even the apparently stronger showing of the Coalition Liberals was misleading, since they largely held their seats on Unionist sufferance. (One could of course say that the difference between this *1918 and OTL's 1945 is that after 1945 the Conservatives faced no rival party on the Right, whereas the Liberals in this ATL would have to cope with the rise of Labour on the Left. But if the Liberals in 1918 and thereafter presented a united and reasonably progressive alternative to the Unionists, I am not certain that Labour would have grown as rapidly as it did, or would have become as hostile to the Liberals as in OTL, where IMO the hostility was partly based both on distrust of LG and on an eventual feeling of "we've overtaken the Liberals, now is the time to finish them off." Had LG refrained from his Labour-bashing of the "coupon" campaign, and if the Liberals remained stronger and Labour weaker, the latter might have been more open to Lib- Lab cooperation.)
What makes Liberal reunification IMO at least somewhat plausible is that there seem to have been (at least at the start of the campaign) very few philosophical differences between the Lloyd George and Asquith Liberals. See my discussion at
http://groups.google.com/group/soc.history.what-if/msg/ed27e3f59966167f where I point out that the main objection of the Asquithian Liberals was not to LG's peace or domestic program but to his allowing himself to become the prisoner of a Unionist-dominated Coalition, thus assuring that however progressive his own ideas might be, they could never be enacted. I also note LG's November 12 speech (welcomed by Asquith and Woodrow Wilson) advocating both reform at home ("Revolution I am not afraid of. Bolshevism I am not afraid of. It is reaction I am afraid of.") and a just peace unsullied by the spirit of revenge. (The rest of LG's campaign was in many respects the opposite of the November 12 speech, leaving it for future historians to debate which was the "real" LG.)
In any event, even if Liberal reunification would have the *immediate* consequence of LG's defeat, he would have a better chance of a comeback than after he later lost power in OTL, not only because he would (as I said above) have had a stronger Liberal Party to lead, but also because such a reunification would perhaps do something to lessen one of his worst political liabilities--his reputation for unscrupulousness. (His *historical* reputation would also be higher, of course. I can see posts here on whether the Versailles Treaty would have turned out better if only Lloyd George had still been in power in 1919...) To quote Trevor Wilson,
"Never the most trusted of politicians, he acquired from this performance a reputation for sharp practice and want of scruple which dogged him for the rest of his career. As one result, the Conservatives whom he served so well at this time were able, with shameless ingratitude, to cast him aside four years later, and to make it appear that such conduct reflected not on their honour but on his." *The Downfall of the Liberal Party 1914- 1935*, p. 157. Or as the old rhyme put it :
Lloyd George, no doubt,
When his life ebbs out,
Will ride in a flaming chariot,
Seated in state
On a red-hot plate
'twixt Satan and Judas Iscariot;
Ananias that day
To the Devil will say,
"My claim for precedence fails,
So move me up higher,
Away from the fire,
And make way for that liar--from Wales!"
https://groups.google.com/d/msg/soc.history.what-if/h9Pfm5FkXqI/5-qUjNJHA88J