A negotiated peace in 1940? WWII

What if instead of Churchill becoming prime minister, Lord Halifax did instead and it lead to him negotiating a peace with Adolf Hitler and Germany? What would be included in this type of peace and what would the post war world look like?
 
If Hitler is crazy enough to accept the terms the British would be willing to consider, then perhaps something like this.


That said, the bare minimum Hitler would be willing to accept in exchange for peace is IMHO well above the absolute maximum the British would be willing to offer, meaning any kind of armistice is unlikely at best. British peace feelers however might result in unexpected butterflies, such as prolongued French resistance, delayed Italian entry or even Barbarossa postponed for a year.

That said, even if some kind of armistice is agreed upon to terms the British would be willing to accept, Nazi Germany's economic situation will inexorably lead it to either bankruptcy or renewed conflict in a very short period of time (and we all know what Hitler would go for, given the choice).
 
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