The People's Budget was proposed by the Chancellor of the Exchequer David Lloyd George in 1909, and was a key issue of contention between the Liberal government and the House of Lords, ultimately leading to two general elections in 1910 and the enactment of the Parliament Act 1911.

The budget included several proposals to pay for naval rearmament and old age pensions by raising taxes from the wealthy. Income tax was held at 9d in the pound, but a higher rate of one shilling (12d) was proposed for incomes over £2,000, and an additional surcharge or "super tax" of 6d was proposed on the amount by which incomes of £5,000 or more exceeded £3,000. An increase was also proposed in death duties.

More controversially, the Budget also included a proposal for the introduction of a land tax based on the ideas of the American tax reformer Henry George. This would have had a major effect on large landowners and the Conservative opposition, which consisted mostly of large landowners, had a large majority in the Lords. Furthermore they believed that money should be raised through the introduction of tariffs on imports, thus helping British industry.

The House of Lords voted down the new budget, but the Liberals built on the unpopularity of the Lords to make the reducing the power of the Lords the important issue of the general election in January 1910. The Lords subsequently accepted the Budget after the election when the land tax proposal was dropped, but contention between the government and the Lords continued until the government won a second general election in December 1910, and passed the Parliament Act 1911.