WI: Winston Churchill stayed with the Liberal Party?

From 1904 to 1924 Winston Churchill was a member of the Liberal Party rather than the Conservative Party. What might've happened if he stayed with the Liberals? Would he be able to help the Liberal Party rise to prominence again? Would he fade into obscurity along with the Liberal Party? Bonus points if you keep your political biases out of your responses
 
From 1904 to 1924 Winston Churchill was a member of the Liberal Party rather than the Conservative Party. What might've happened if he stayed with the Liberals? Would he be able to help the Liberal Party rise to prominence again? Would he fade into obscurity along with the Liberal Party? Bonus points if you keep your political biases out of your responses

The only way that Churchill could continue to be relevant as a Liberal would be if the Liberals - not Labour - had come in second in 1923. Asquith could've formed a government with support from Labour, and in such a government Churchill might've been given an important post. (Although I doubt such a government would've lasted very long). Further, if the Liberals hadn't been overshadowed by Labour they might've been able to remain a major party.

But as it was, once the two major parties became the Tories and Labour Churchill had to join one of them in order to be politically relevant after 1924. Had he decided to remain a Liberal, he would never have become PM and British history would look quite different.
 
Churchill "even by 1923 was a Conservative on everything except Free Trade." https://www.google.com/search?biw=1652&bih=696&tbm=bks&ei=0mjDXJDTLcHC0PEP2sygwAE&q="even+by+1923+was+a+Conservative+on+everything+except+Free+Trade"&oq="even+by+1923+was+a+Conservative+on+everything+except+Free+Trade"&gs_l=psy-ab.3...8233.12268.0.12438.2.2.0.0.0.0.168.332.0j2.2.0....0...1c.1.64.psy-ab..0.0.0....0.oT0pUF-9kV4 When Labour (with Liberal support) formed a Government and recognized Soviet Russia, and when in 1924 Baldwin and the Conservatives abandoned Baldwin's brief advocacy of protectionism and made anti-communism their big issue, there was really no question which way Churchill would go... (True, the Liberals by then had abandoned Macdonald and had joined in the criticism of him on the Campbell case, https://en.wikipedia.org/wiki/Campbell_Case but it was too late. It was obvious by then that the Conservatives would be the main opposition to Labour.)
 
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