Within Parliament, both House of Commons and House of Lords were for most purposes co-equal, but in matters of money the Commons asserted the right to initiate taxation. Under the Parliament 1911 Act, a money bill becomes law one month after leaving the Commons, whether approved by the Lords or not. The Act also reduced the maximum life of a Parliament from seven years to five. The Parliament Acts deal exclusively with powers. Following the rejection of the 1909 budget, it was Conservative peers who argued for a reform of composition: they preferred that to limiting the powers of the House. The fate of the House of Lords Reform Bill in 2012 meant that reform of the Lords was off the government's agenda for the rest of the Parliament and, in the eyes of many politicians, for the foreseeable future.