After the 1923 general election was called, seven Liberal associations asked Churchill to stand as their candidate, and he selected Leicester West, but he did not win the seat. A Labour government led by Ramsay MacDonald took power. Churchill had hoped they would be defeated by a Conservative-Liberal coalition. He strongly opposed the MacDonald government's decision to loan money to Soviet Russia and feared the signing of an Anglo-Soviet Treaty.
The next stage of the election process, between Davis and Cameron, was a vote open to the entire party membership. Cameron was elected with more than twice as many votes as Davis and more than half of all ballots issued; Cameron won 134,446 votes on a 78% turnout, to Davis's 64,398. Although Davis had initially been the favourite, it was widely acknowledged that his candidacy was marred by a disappointing conference speech.Cameron's election as the Leader of the Conservative Party and Leader of the Opposition was announced on 6 December 2005.