Oswald Mosley was the youngest elected Conservative MP before crossing the floor in 1922, joining first Labour and, shortly afterwards, the Independent Labour Party.
He became Chancellor of the Duchy of Lancaster in Ramsay MacDonald's Labour government, advising on rising unemployment.

In 1930, Mosley issued his Mosley Memorandum, which fused protectionism with a proto-Keynesian programme of policies designed to tackle the problem of unemployment, and he resigned from the Labour Party soon after, in early 1931, when the plans were rejected.
He immediately formed the New Party, with policies based on his memorandum.
Despite winning 16% of the vote at a by-election in Ashton-under-Lyne in early 1931, however, the party failed to achieve any other electoral success.

During 1931, the New Party became increasingly influenced by fascism.
The next year, after a January 1932 visit to Benito Mussolini in Italy, Mosley's own conversion to fascism was confirmed.
He wound up the New Party in April, but preserved its youth movement, which would form the core of the BUF, intact.
He spent the summer that year writing a fascist programme, The Greater Britain, and this formed the basis of policy of the BUF, which was launched on 1 October 1932.
Oswald Mosley was the youngest elected Conservative MP before crossing the floor in 1922, joining first Labour and, shortly afterwards, the Independent Labour Party. He became Chancellor of the Duchy of Lancaster in Ramsay MacDonald's Labour government, advising on rising unemployment.
In 1930, Mosley issued his Mosley Memorandum, which fused protectionism with a proto-Keynesian programme of policies designed to tackle the problem of unemployment, and he resigned from the Labour Party soon after, in early 1931, when the plans were rejected. He immediately formed the New Party, with policies based on his memorandum. Despite winning 16% of the vote at a by-election in Ashton-under-Lyne in early 1931, however, the party failed to achieve any other electoral success.
During 1931, the New Party became increasingly influenced by fascism. The next year, after a January 1932 visit to Benito Mussolini in Italy, Mosley's own conversion to fascism was confirmed. He wound up the New Party in April, but preserved its youth movement, which would form the core of the BUF, intact. He spent the summer that year writing a fascist programme, The Greater Britain, and this formed the basis of policy of the BUF, which was launched on 1 October 1932.
British Union of Fascists