The situation is as it was, Churchill is in power the King is George and Dunkirk has been evacuated as IOTL.
but then,
Hitler wanting revenge for Versailles signs a new treaty with France at compiegne. Germany reverses the territorial losses - Alsace, Lorraine, Malmedy, Schwelsig (?) etc. He agrees to vacate his forces from France, Belgium, Netherlands and Norway, these countries sign Non-aggression pacts and agree to allow access to Wehrmacht troops if attacked by UK but are otherwise untouched and self-governing (with a strong fascist slant).
De Gaulle is still at large but how will he fare against this less trunacated France governed from Paris?
Netherlands will continue to export oil to Japan?
Hitler fearing another Lusitania reigns in his U-boats so no battle of the Atlantic. how does this effect US opinion?
Italy invades Eygpt. without so many forces comitted west can Hitler offer more support (direct and indirect)?
How can the UK defeat Hitler without violating the Neutrality of France, Belgium or Holland?