Against this loss of over 30,000 men, we can set a far heavier loss certainly inflicted upon the enemy. But our losses in material are enormous. We have perhaps lost one-third of the men we lost in the opening days of the battle of 21st March, 1918, but we have lost nearly as many guns — nearly one thousand-and all our transport, all the armored vehicles that were with the Army in the north. This loss will impose a further delay on the expansion of our military strength. That expansion had not been proceeding as far as we had hoped. The best of all we had to give had gone to the British Expeditionary Force, and although they had not the numbers of tanks and some articles of equipment which were desirable, they were a very well and finely equipped Army. They had the first-fruits of all that our industry had to give, and that is gone. And now here is this further delay. How long it will be, how long it will last, depends upon the exertions which we make in this Island. An effort the like of which has never been seen in our records is now being made. Work is proceeding everywhere, night and day, Sundays and week days. Capital and Labor have cast aside their interests, rights, and customs and put them into the common stock. Already the flow of munitions has leaped forward. There is no reason why we should not in a few months overtake the sudden and serious loss that has come upon us, without retarding the development of our general program.
While largely unstated, one of Churchill’s major concerns was limiting Soviet territorial gains in Europe. Having an eye toward the postwar world, he did not want Stalin in control of formerly democratic nations. However, geopolitics required further cooperation with his unlikely ally, and Churchill met Roosevelt for the last time in Stalin’s domain—Yalta in the Crimea, in February 1945. Victory in Europe was visible by then, though with more hard fighting to come in the Pacific. Roosevelt’s premature death in April ended the original Big Three.

Churchill Speeches