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Assume that the Franco-Spanish armada against Britain is able to secure a solid naval victory and land troops in the British Isles.

https://en.m.wikipedia.org/wiki/Armada_of_1779

Britain sues for peace early, and in far less favorable conditions. Assume also all of mainland British North America is ceded to the US (so, basically, your usual ‘US gets Canada scenario').

With that territory off the table, how do Spain and France divide up the spoils of victory? Would they leave Britain any colonial empire at all?
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