What cut off three months of the trip from Britain to the Far East

The correct answer is - Suez Canal.

In order for the British ships to be able to reach the Far East, they needed to sail around Africa, than through the Indian Ocean and finally reach the Far East in order to be able to trade with the countries there. After the Suez Canal was made, that all changed. Instead of having to sail around Africa, the British ships were now able to just go through the Mediterranean, and through he Suez Canal to directly connect with the Red Sea and the Indian Ocean. That meant three months less in sailing, much lower expenses, and lower risk of something happening to the ship, as well as increase in the trade considering that the goods were getting on the market much quicker.