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 three nations which dominated the arms trade in the non-Communist world, namely the United States, the United Kingdom and France had signed the Tripartite Declaration, where they had committed themselves to limiting how much arms they could sell in the Near East, and also to ensuring that any arms sales to one side was matched by arms sales of equal quantity and quality to the other. Eisenhower viewed the Tripartite Declaration, which sharply restricted how many arms Egypt could buy in the West, as one of the key elements in keeping the peace between Israel and the Arabs, and believed