British involvement at anything above the symbolic level isn't going to happen, Britain is broke and has way to much else on it's plate though a squadron of SAS is a possibility. The Tories are going to get hammered into the ground come the next election which will be in '68 or '69 so you might see a multi-term Labour government with a safe majority during the 70's rather than the OTL succession of one term government. As for economic policy there will have to be a devaluation but the Tories are still thoroughly
Butskellite and fully signed up the Keynesian planned economy post-war consensus so there won't be too much of a deviation. Equally most of the social reforms of the era were passed on free votes with majority support from the Tory benches so you will likely still the Jenkins reforms occur.