Should the British Government be praised or blamed for the Balfour Declaration?

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In 1917, Lord Balfour in the British government wrote to Lord Rothschild, the leader of British Jews, promising to support the establishment of a national home for Jews in Palestine.

Was this a great humanitarian gesture which offered a place of safety for a long-persecuted minority? Or was this an act of imperial arrogance which ignored Palestiniansā€™ right of self-determination and which left them still stateless a century later?