Page "Harold Macmillan" Paragraph 39

The treasury was his portfolio, but he did not recognize the financial disaster that could result from U. S. government actions.

Sterling was draining out of the Bank of England at an alarming rate, and it was getting worse.

The canal was blocked by the Egyptians, and most oil shipments were delayed as tankers had to go all the way around Africa.

The U. S. government refused any financial help until Britain withdrew its forces from Egypt.

When he did realise it, he reversed himself and called for withdrawal on the U. S. terms, while exaggerating the financial crisis.

Faced with Macmillan's prediction of doom, the cabinet had no choice but to accept the American terms and withdraw.

Ultimately, the Suez Canal remained in Egyptian hands, and Nasser's government continued its support of Arab and African national resistance movements opposed to the British Empire in the region, and the continent.

The debacle destroyed Prime Minister Eden's political standing and his physical health ; he had to resign, leaving the door to 10 Downing Street open for his deputy Rab Butler or Macmillan.