What if the British failed to take most of India, or alternatively lost India in the Sepoy Rebellion; furthermore the British expand minimally in Africa, only having South Africa, Sierra Leone, and loose influence over Egypt. They might sell their smaller ports in Africa to other powers.
Basically, the British Empire is minimized in size, but after they have already created their settler colonies in Canada, Australia, and New Zealand, which remain under their control.
How would this change the economy, outlook, politics, development, etc. of the British Empire and affected countries?
If possible, assume that India has somehow been lastingly united under the Mughal Empire with only coastal concessions by other European powers.