In 1914, the UK possessed a vast Empire, formidable armed forces and the global reserve currency. The painful retreat since then has been the central feature of British life. India, Palestine, Singapore and Suez are just some of the names evocative of a general loss of role and influence. The reckless risk and consequent humiliation of Suez in 1956 – where the threat to sterling from the Oval Office ultimately proved decisive – marked a notable Rubicon. Never again would the UK be free to act without the imprimatur of the White House.  The more recent phase, beginning with the…

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