The Suez Crisis

The Suez Crisis.

International condemnation and threat of sanctions.

Around 7%.

<ol start="1973"> <li></li> </ol> Signup and view all the answers

<p>Higher oil prices.</p> Signup and view all the answers

<p>The Suez Crisis in 1956 preceded a financial downturn in the UK, with tens of millions of pounds being used from UK reserves and the prospect of sterling being devalued.</p> Signup and view all the answers

<p>The cost of borrowing rose as the Bank of England base rate was raised from 5.0% to 7.0% in September 1957, double the rate seen in early 1955.</p> Signup and view all the answers

<p>The oil crisis in 1973 and subsequent economic downturn was linked to higher inflation because of higher oil prices.</p> Signup and view all the answers

<p>Indicative modelled data suggest by early 1956 annual inflation reached around 7%, as measured by the Consumer Prices Index including owner occupiers’ housing costs (CPIH).</p> Signup and view all the answers

<p>International condemnation followed the invasion of Egypt by Britain, France, and Israel in response to the nationalisation of the Suez Canal Company, with the threat of sanctions from the United Nations.</p> Signup and view all the answers