The British economy—particularly that part of it which relied on trade—appeared in far healthier condition than that of its continental neighbours. In 1947 British exports represented, by value, the sum of the exports of France, Italy, western Germany, the Benelux countries, Norway and Denmark combined. Whereas western European states at that time traded chiefly with one another, Britain had extensive commerce with the whole world—indeed, Britain’s trade with Europe in 1950 was much less than it had been in 1913. In the eyes of British officials, therefore, the country had more to lose than to
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