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 sided with the Arab states in several disputes with Israel in 1953–54. Moreover, Dulles did not share any sentimental regard for the Anglo-American "special relationship", which led the Americans to lean towards the Egyptian side in the Anglo-Egyptian disputes. During the extremely difficult negotiations over the British evacuation of the Suez Canal base in 1954–55, the Americans generally supported Egypt, though at the same time trying hard to limit the extent of the damage that this might cause to Anglo-American relations. In the same report of May 1953 to Eisenhower calling for "even-handedness", Dulles stated that the Egyptians were not