Well yes and no. The British government believed that by identifying Palestine as a national homeland for the Jews, that the Zionist movement would reciprocate and use their "influence" to bring the U.S. into the war and loosen the purse strings on international finance.

In other words, the decision was based on classical anti-Semitic notions that Jews controlled banking and had disproportionate influence over U.S. politics. Britain also shrugged off responsibility in 1947, handing the conflict over to the newly-created UN.