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 1888 Suez Canal Convention), increased following the coup. In late 1954, Nasser began a policy of sponsoring raids into Israel by the "fedayeen", who almost always attacked civilians. The raids triggered a series of Israeli reprisal operations. The raids were targeted as much politically as against Israel militarily. It was Nasser's intention to win himself the laurels of the foremost anti-Zionist state as a way of establishing his leadership over the Arab world. Before 1954, the principal target of Nasser's speeches had been Britain. Only after the Anglo-Egyptian agreement on evacuating the canal zone did Israel emerge as one of