The Labour Party in post-WWII England enjoyed its first parliamentary majority in its history, but it faced grave problems. Almost all of Britain’s foreign financial resources were lost during the war. Furthermore, the economy was in disarray. The aircraft industry, for example, was much bigger than it needed to be at the time, while rail lines and coal mines needed equipment and were badly in need of repair. Britain had no way to pay for imports or even food because it had nothing to export.
Railroads and coal mines, which were in any way so rundown that any government would have to take control of them, and the Bank of England were immediately nationalized. Additionally, road transport, docks, and the production of electrical power were nationalized. Unsurprisingly, Britain was also withdrawing from the empire at the same time. India was the most insistent on self-government. Therefore, Britain couldn’t maintain control over colonial territories. It no longer had the military and economic power to hold.