Economic history of the United Kingdom once the territories gained independence and were free to negotiate their own trade agreements. Although the '50s were overall a time of great prosperity for Britain, the Suez Crisis of November 1956 precipitated a financial crisis and a run on Sterling which underlined how fragile post-war British finances were. The tripartite invasion of the Suez Canal Zone by Britain, France and Israel following Egypt's nationalization of the canal (before then majority owned by the British government) was a disaster for British prestige and the economy. The United States and the United Nations came out firmly against the occupation, which caused
Suez Crisis instructed its activists not to emphasise their opposition to Suez because the government's action had considerable support. Callaghan believed that the Conservatives increased their majority at the 1959 election in part because working-class Labour voters were still angry at the party for opposing the conflict. Labour MP Stanley Evans resigned from his seat and his membership of the party due to his support for British action in Suez. The operation, aimed at taking control of the Suez Canal, Gaza, and parts of Sinai, was highly successful for the invaders from a military point of view, but was a disaster from