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 resigned, and his unsuccessful handling of the Suez Crisis eclipsed the successes he had achieved in the previous 30 years. Eden's successor, Harold Macmillan, accelerated the process of decolonisation and sought to recapture the benevolence of the United States. He enjoyed a close friendship with Eisenhower, dating from the North African campaign in World War II, where General Eisenhower commanded allied invasion forces and Macmillan provided political liaison with Winston Churchill. Benefiting from his personal popularity and a healthy economy, Macmillan's government increased its Parliamentary majority in the 1959 general election. The Suez crisis, though a blow to British power