The story
Blend of Butler + Gaitskell + -ism, after Rab Butler, the Conservative Chancellor of the Exchequer 1951–55, and his Labour predecessor Hugh Gaitskell 1950–51.
Etymology from Wiktionary, CC BY-SA 4.0.
Butskellism
Today it means: A centrist economic policy obtaining in post-war Britain, upheld by both Conservative and Labour Chancellors. Full definition →