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
Raid on the Suez Canal Raid on the Suez Canal The Raid on the Suez Canal, also known as Actions on the Suez Canal, took place between 26 January and 4 February 1915 after a German-led Ottoman Army force advanced from Southern Palestine to attack the British Empire-protected Suez Canal, before the beginning of the Sinai and Palestine Campaign of World War I. Substantial Ottoman forces crossed the Sinai peninsula, but their attack failed mainly because of strongly held defences and alert defenders. Since its opening in 1869 the Suez Canal had featured prominently in British policy and concerns. Among its great advantages were as