For many years in his parliamentary career Disraeli hoped to forge a paternalistic Tory-Radical alliance, but he was unsuccessful. Before the Reform Act 1867, the working class did not possess the vote and therefore had little political power. Although Disraeli forged a personal friendship with John Bright, a Lancashire manufacturer and leading Radical, Disraeli was unable to persuade Bright to sacrifice his distinct position for parliamentary advancement. When Disraeli attempted to secure a Tory-Radical cabinet in 1852, Bright refused.
At the end of June 1851, Stanley's father died, and he succeeded to his title as Earl of Derby. The Whigs were wracked by internal dissensions during the second half of 1851, much of which Parliament spent in recess. Russell dismissed Lord Palmerston from the cabinet, leaving the latter determined to deprive the Prime Minister of office as well. Palmerston did so within weeks of Parliament's reassembly on 4 February 1852, his followers combining with Disraeli's Tories to defeat the government on a Militia Bill, and Russell resigned. Derby had either to take office or risk damage to his reputation and he accepted the Queen's commission as Prime Minister. Palmerston declined any office; Derby had hoped to have him as Chancellor of the Exchequer. Disraeli, his closest ally, was his second choice and accepted, though disclaiming any great knowledge in the financial field. Gladstone refused to join the government. Disraeli may have been attracted to the office by the £5,000 per year salary, which would help pay his debts. Few of the new cabinet had held office before; when Derby tried to inform the Duke of Wellington of the names of the Queen's new ministers, the old Duke, who was somewhat deaf, inadvertently branded the new government by incredulously repeating "Who? Who?"
In the following weeks, Disraeli served as Leader of the House (with Derby as Prime Minister in the Lords) and as Chancellor. He wrote regular reports on proceedings in the Commons to Victoria, who described them as "very curious" and "much in the style of his books". Parliament was prorogued on 1 July 1852 as the Tories could not govern for long as a minority; Disraeli hoped that they would gain a majority of about 40. Instead, the election later that month had no clear winner, and the Derby government held to power pending the meeting of Parliament.
Disraeli delivered the budget on 3 December 1852, and prepared to wind up the debate for the government on 16 December—it was customary for the Chancellor to have the last word. A massive defeat for the government was predicted. Disraeli attacked his opponents individually, and then as a force, "I face a Coalition ... This, too, I know, that England does not love coalitions." His speech of three hours was quickly seen as a parliamentary masterpiece. As MPs prepared to divide, Gladstone rose to his feet and began an angry speech, despite the efforts of Tory MPs to shout him down. The interruptions were fewer, as Gladstone gained control of the House, and in the next two hours painted a picture of Disraeli as frivolous and his budget as subversive. The government was defeated by 19 votes, and Derby resigned four days later. He was replaced by the Peelite Earl of Aberdeen, with Gladstone as his Chancellor. Because of Disraeli's unpopularity among the Peelites, no party reconciliation was possible while he remained Tory leader in the House of Commons.
Derby took office at the head of a purely "Conservative" administration, not in coalition with any other faction. He again offered a place to Gladstone, who declined. Disraeli was once more leader of the House of Commons and returned to the Exchequer. As in 1852, Derby led a minority government, dependent on the division of its opponents for survival. As Leader of the House, Disraeli resumed his regular reports to Queen Victoria, who had requested that he include what she "could not meet in newspapers".