Basically it kept the colonies from expanding trade, and in turn kept the colony from expanding and getting new things. England saw the colonies as a threat, and did not want them to grow into another superhero in a new land.
Part of it was because of the Industrial Revolution and the invention of the cotton gin by Eli Whitney.
Nationalism. As Manifest Destiny was geared towards more of the individual people's growth (i.e go-getters) compared to Nationalism; the growth and advancement of the nation's people's as a whole.
They were seen as Peter’s spiritual heirs.