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
Egyptian Army Officers, led by Muhammad Naguib and Gamal Abdel Nasser, overthrew King Farouk in the Egyptian Coup d'etat of 1952. The Free Officers then concluded the Anglo–Egyptian Agreement of 1954, with Great Britain. This agreement stated Britain would withdraw its troops based in the Suez Canal. During the Cold War, the army actively fought in the Suez Crisis, known in Egypt and the Arab World as the "Tripartite Aggression", the North Yemen Civil War from 1962 to 1967, and the 1967 Six-Day War. Just before the Suez Crisis, politics rather than military competence was the main criterion for promotion. The Egyptian