Say the UK makes peace after Dunkirk
When and how will/would this peace take place ?
Well, let's say Dunkirk becomes the desaster feared off and not 340.000 are saved by a merely 3.400 (
will there be a "Second BEF" be sent by the cabinet on 6th June as a ... political gesture as IOTL ?).
The british goverment of whoever at that point of time might ask for an armistice somehwere between 5th and 10th June (
do they coordinate/council with the french ?).
Conditions will surely include the lifting of every blockade, by surface as well as subs forces. in northern waters as well as worldwide (East-Asia ...).
Also most likely the retreat of naval forces : british to their home harbours, french to ... North-Africa or elsewhere, just not metropolitan France (a toad the germans might be prepared to swallow as IOTL also)(
Given the "no-fighting" status of all participants for the time being I highly doubt the Brits would pull an Operation Catapult ITTL).
That would free trade already considerably ... esp. for the germans from about midth June onwards (see below).
However, there will be two seperate armistices around 15th June (plus-minus) as well as two seperate peace-treaty negotiations starting 1st week of July. Hitler would be keen on keeping the 'bloody french frog-eating loosers' apart from the still by him somewhat admired, nearly full germanic british hoped-for racial bretheren.
The (
former ?) allies might communicate and try to coordinate their negotiations but ... faced with rather very different demands (
almost brutal against the french, rather 'amicable' to the Brits) it might be questionable how much 'weight' the brits might put on the scales to considerably liften the burden of and for the french.
"Best case" a peace-treaty between the British Empire and the Great(er) German Empire will be signed end of July, comming into effect beginning August. So completly "free world trade" in contemporary war-less conditions from August onwards.
There might be some for Britain rather low indemnities to be payed, considerably more to be paid or extracted from France (
btw. : how much did France and Britain 'owes' at that point of time the US for ordered war matereialy ?).
There will also be some kind of definition of 'spheres of influence' :
-the continent (Europe from Atlantic to the Ural, from the North Cape to ... the Ararat) for Germany and
-the seas including all other colonial territories (Africa, middle East, India (including todays Pakistan and Mianmar), Southeast Asia for Britain ... aside some 'stakes' for Germany in the DEI territories.
Possibly the germans would accept some kind of 'formal' reconsitution of the former neutrals, Belgium, Netherlands, Denmarck, Norway, though these would be veery closely ... 'tied' to the german continental Hegemon in military and foreign policy matters. ...for the "price" - maybe between others - of the Congo going to Britain and perhaps Rest-of-France (
though a Vichy-like Rest-of-France might not be the most wanted "partner" for Britain).
Oh, and ofc for the Britains to "meddle" anywhere on the Balkans, Scandinavia and esp. the SU would not be allowed to happen.
Would Britain rejoin the war at some point
Would IMHO depend on the size of the indemnities and eventually developing opportunities and possible other developing ... engagements (Japan ?).
And ofc relations with the US.
Without any other substantial losses I rather doubt the british would like to be engaded again or be the engaging party themself. Tough also without a doubt they WILL prepare for another round of being attacked.