(Apart from the free trade bit)
This is an ad for the Liberal Party going into the 1918 General Election. Note that the Liberal Party split during the First World War with some following Lloyd George and others continuing to follow Asquith. This ad is for the Asquith Liberals. Also note this is not an ideological division; Lloyd George’s Coalition Liberals are standing on much the same platform. Also, also note that the statist rot set in well before the First World War.
In December 1918, this Liberal Party was more or less wiped out with Asquith losing his seat. In subsequent elections the general Liberal vote collapsed even further until by the 1950s the by-then re-unified party had only a handful of MPs.