29 September 1923: Britain assumes its mandate of Palestine

On this day in 1923, the British mandate in Palestine came into effect, having been passed by the League of Nations the year before.

Even while the First World War was raging, Britain and France discussed among themselves how they would carve up the Ottoman Empire once the war was won. The resulting Sykes-Picot Agreement was never put into effect, but it did provide a blueprint for future agreements in the Middle East.

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Chris Carter
Wealth Editor, MoneyWeek