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 turned away from acting as a great imperial power. During the 1960s there was much speculation that Prime Minister Harold Wilson's continued refusals to send British troops to Vietnam, even as a token force, despite President Lyndon B. Johnson's persistent requests, were partially due to the Americans failing to support Britain during the Suez Crisis. Edward Heath was dismayed by the U.S. opposition to Britain during the Suez Crisis; as Prime Minister in October 1973 he refused the U.S. permission to use any of the UK's air bases to resupply during the Yom Kippur War, or to allow the Americans