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After the Napoleonic Wars Britain gets back and keeps the Balaerics. Remember that they had been under British rule for a lot of the previous century. What butterflies away from this? I had thought of it causing Franco to join the axis but the same reasons for him not joining in OTL still apply.
It would make a lot of British "teenagers" very happy ( no language or currency problems ) unless of course the Balaerics became just a warmer version of Jersey and Guernsey! Very nice to visit with children but not for 24 hr binge drinking and partying