Gaitskellism
Wilson went on to become Prime Minister in the 1964 election, holding the position from 1964 to 1970 and from 1974 to 1976. Despite being a former Bevanite, Wilson largely followed Gaitskellite economic policies, and the former Gaitskellite Callaghan followed Wilson as Prime Minister from 1976 to 1979 and Party Leader from 1976 to 1980.
History of the Conservative Party (UK)
The party at this time lacked a formal process for electing a new leader and Macmillan's resignation took place in the week of the annual Conservative Party Conference. This event rapidly became an American-style convention as leading ministers sought to establish their credentials. Eventually Macmillan formally recommended to the Queen that she appoint the Earl of Home as Prime Minister. Home was appointed and renounced his peerage, becoming Sir Alec Douglas-Home, but was unable to restore the party's fortunes and narrowly lost the 1964 general election to Harold Wilson's Labour, who ended 13 years of Conservative rule.