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 a political point of view, resulting in international criticism and diplomatic pressure. Along with the Suez crisis, the United States was also dealing with the near-simultaneous Hungarian revolution. Vice President Richard Nixon later explained: "We couldn't on one hand, complain about the Soviets intervening in Hungary and, on the other hand, approve of the British and the French picking that particular time to intervene against Nasser". Beyond that, it was Eisenhower's belief that if the United States were seen to acquiesce in the attack on Egypt, that the resulting backlash in the Arab world might win the Arabs over to