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Macmillan brought the monetary concerns of the exchequer into office - the economy was his prime concern. However his approach to the economy was to seek high employment, whereas his treasury ministers argued that to support sterling required strict controls on money and hence a rise in unemployment. Their advice was rejected and in January 1958 all the Treasury ministers resigned. Macmillan brushed aside this incident as "a little local difficulty". Macmillan supported the creation of the National Incomes Commission as a means to institute controls on income as part of his growth without inflation policy, a further series of subtle indicators and controls were also introduced during his premiership.
Macmillan also took close control of foreign policy. He worked to narrow the rift post- Suez with the U.S., where his wartime friendship with Dwight D. Eisenhower was useful, and the two had a pleasant conference in Bermuda as early as March 1957. The better relationship remained after the ascent of John F. Kennedy. Macmillan also saw the value of a rapproachment with Europe and sought belated entry to the European Economic Community (EEC) as well as exploring the possibility of a European Free Trade Area (EFTA). In terms of the Empire Macmillan continued the divestment of the colonies, his "wind of change" speech (February 1960) indicating his policy. Ghana and Malaya were granted independence in 1957, Nigeria in 1960 and Kenya in 1963. However in the Middle East Macmillan ensured Britain remained a force - intervening over Iraq in 1958 and 1960 as well as becoming involved in Oman.
He led the Conservatives to victory in the October 1959 general election, increasing his party's majority from 67 to 107 seats. The election campaign had been based on the economic improvements achieved, the slogan "Life's Better Under the Conservatives" was matched by Macmillan's own remark, "most of our people have never had it so good" usually paraphrased as "You've never had it so good." The actual growth rate, compared to the rest of Europe, was weak and marked a relative decline distorted by high defence expenditure.
Macmillan had a reputation for being unflappable in public. For example, on September 29, 1960, Soviet leader Nikita Krushchev twice interrupted a speech by Macmillan at the United Nations by shouting out and pounding his desk. Macmillan famously replied: "I should like that to be translated if he wants to say anything."
Following the technical failures of a British independent nuclear deterrent with the Blue Streak and the Blue Steel projects, Macmillan negotiated the supply of American Polaris missiles under the Nassau agreement in December 1962. Previously he had agreed to base sixty Thor missiles in Britain under joint control, and since late 1957 the American McMahon Act had been eased to allow Britain more access to nuclear technology.
Macmillan was a major force in the successful negotiations leading to Britain, the U.S., and the Soviet Union signing the Partial Test Ban Treaty in 1962. His previous attempt to create an agreement at the May 1960 summit in Paris had collapsed due to the Gary Powers affair.
Britain's application to join the EEC was vetoed by Charles de Gaulle ( 29 January 1963), in part due to his fear that "the end would be a colossal Atlantic Community dependent on America" and in part in anger at the Anglo-American nuclear deal.
Britain's balance of payments problems led to the imposition of a wage freeze in 1961. This caused the government to lose popularity and led to a series of by-election defeats. He organised a major Cabinet change in July 1962 but he continued to lose support from within his party. He was also embarrassed by the Profumo Affair of 1963. Following ill health and surgery he resigned on 18 October 1963. He was succeeded by Alec Douglas-Home, the foreign secretary. This proved controversial as it was alleged that Macmillan had pulled strings and utilised the party's grandees, nicknamed "The Magic Circle", to ensure that Butler was not chosen as his successor.
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