- Originally conceived in 1920s as an exclusive club of White Dominions enjoying high degree of domestic self-rule, given increased status by Statute of Westminster. Change in Britain of way Commonwealth was approached in 1949. The queen was no longer sovereign authority but ‘head of Commonwealth’ due to India and Pakistan being republics.
- Approached as way of surrendering imperial ties whilst maintaining informal ones, being a ‘body of free and equal states’ upheld by ‘British values of democracy and human rights’, willing to mediate and negotiate in areas when necessary (e.g. when Australian Prime Minister Robert Menzies tried negotiating with Nasser on the Suez Crisis, though it failed.)
- Commonwealth was important for trade up until 1960s, providing essential imports of food and raw materials when Britain’s reserves of foreign exchange were too limited to source imports from other countries. Heavy investment in Empire also.
- In 1956, approximately 58% of all overseas investments in UK in shares and securities were in Empire companies and governments.
- In 1948, 45% of imports from Commonwealth à 30% in 1965.
In 1948, 46% of exports went to Commonwealth à 28% in 1965