It really ended any notion of Britain ever being a great power, and definitely losing control over its ex-colonies. It also showed that the US was the big boss, in intervening on the side of Nasserist Egypt.

But, while significant for Britain, it was more significant for the Middle East and particularly Egypt and Israel.

It gave Nasser hero status in the Arab world, giving him the power to organise the other Arab states into alliances against Israel with an invasion now and then, and the rise of Arab nationalism particularly after the Suez Crisis meant constant aggression against Israel for the next 30 years until Arab nationalism was supplanted by Islamism.