Yet few policymakers believe this episode will hobble Britain’s reputation as badly as the Suez crisis did in 1956. Britain remains one of only four countries in the world (America, France and Israel are the others) that can quickly project significant military force. It has two new aircraft-carriers on the way and respected special forces. There will be many further opportunities for London to wield its hard power if it wants to. But the legacy of a lost vote is that the bar for doing so has become higher—and the questions about the country’s strategic priorities a lot more searching.