No, France surrendered, and that's who the CP can afford to dictate terms to. Britain didn't surrender unless Ivan (the guy who started this thread) specifically says so. Why? Because getting Britain to surrender is pretty goddamn difficult. And completely unnecessary. If Germany takes Paris the Brits will figure that the war isn't worth it anymore. At which point the Germans can ask for their African colonies back in exchange for peace, which Britain will accept. If they want for more they can ask for the Belgian Congo and some French colonies, which Belgium and France will accept because, unlike Great Britain, they've actually been rendered incapable of fighting.
If they ask Britain for more they put it in a position where they have to keep fighting. As in keep blockading Germany. That's a war that neither side can win, but Britain fights for a reason, Germany fights out of greed. And every day of fighting is a day when Germany isn't getting its original colonies back, when resources are diverted from occupation in Europe to a pointless war, when the country's under a blockade, when it can't rebuilt its fleet, when its population is unhappy with the kaiser because of the pointless war, when the military itself is unhappy with the kaiser for the same reason, when it's allies have abandoned it because they're not gonna waste their resources so another country will gain Kenya. And this is the war that was supposed to be over by Christmas; the masses expected it and the leadership itself hoped it.
So unless Germany threatens London itself, an extreme and unnecessary scenario which Ivan didn't specify, they can't dictate to it.