WI: Tories won 1929?

This idea struck me a little while ago, but i'm unsure whether it has been done before. What if the Conservative's led by Stanley Baldwin had won the 1929 General election (ie most amount of seats, not a majority)? What would happen to Labour? Would they be saved from the splits and infighting which caused them to lose over 200 seats in 1931? Who would succeed MacDonald as leader? Following the wall street crash, could Labour win the next election in a landslide victory?
 
It's been discussed on here a couple of times if I remember rightly, but not much.

Anyway, if this happens then the Tories will be in office during the Stockmarket crash of 1929, meaning they're likely to lose the following election (and depending on the majority, that might come sooner rather than later).

Does Macdonald stay on after Labour's 1929 defeat? I suspect he does for want of alternatives, but that's not a certainty by any means.

If Macdonald goes, their's a chance of a New Deal-esc programme being tried.
 
In a book about Churchill I once read, that he hoped to become Premier Minister after the 1929 election, as leader of a Tory/Liberal coalition. Does somebody a bit more about it?
 
I wouldn't count out the Tories right away. Whatever Baldwin and Chamberlain's foreign policy, they were adept at domestic policy. I could see them handling the Crash and Depression reasonably well.

I guess it depends on what Labour does in opposition.
 
Well one thing is for certain. The Conservatives would not take 55% of the popular vote in the next election - the only time under Universal Suffrage in the UK that any one party gained an Absolute Majority of the votes cast. Now THAT, was a total Curb Stomp win.

Given that they'd have until 1934, if they get the economy moving again - IOTL, growth resumed with a vengeance in 1932 under the National Government - they should be able to take a win after that point. Provided that they don't succumb to infighting and Baldwin takes the flak away with him.
 
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