Union and the US joined the UK as the main Allied powers. Britain was no longer a military or economic superpower, as seen in the Suez Crisis of 1956. Britain no longer had the wealth to maintain an empire, so it granted independence to almost all its possessions. The new states typically joined the Commonwealth of Nations. The postwar years saw great hardships, alleviated somewhat by large-scale financial aid from the United States, and some from Canada. Prosperity returned in the 1950s. Meanwhile, from 1945 to 1950, the Labour Party built a welfare state, nationalized many industries, and created the National Health Service. The UK took a strong stand against Communist expansion after 1945, playing a major role in the Cold War and the formation of NATO as an anti-Soviet military alliance with West Germany, France, the United States, Canada and smaller countries. NATO remains a powerful military coalition. The UK has been a leading member of the United Nations since its founding, as well as numerous other international organizations. In the 1990s, neoliberalism led to the privatisation of nationalised industries and significant deregulation of business affairs. London's status as a world financial hub grew continuously. Since the 1990s, large-scale devolution movements in Northern Ireland, Scotland and Wales have decentralised political decision-making. Britain has moved back and forth on its economic relationships with Western Europe. It joined the European Economic Community in 1973, thereby weakening economic ties with its Commonwealth. However, the Brexit referendum in 2016 committed the UK to leave the European Union, which it did in 2020. In 1922, 26 counties of Ireland seceded to become the Irish Free State; a day later, Northern Ireland seceded from the Free State and returned to the United Kingdom. In 1927, the United Kingdom changed its formal title to the United Kingdom of Great Britain and Northern Ireland, usually shortened to Britain and (after 1945) to the United Kingdom or UK. 18th century Birth of the Union The Kingdom of Great Britain came into being on 1 May 1707, as a result of the political union of the Kingdom of England (which included Wales) and the Kingdom of Scotland under the Treaty of Union. This combined the two kingdoms into a single kingdom and merged the two parliaments into a single parliament of Great Britain. Queen Anne became the first monarch of the new Great Britain. Although now a single kingdom,