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Suppose the 'National Government' had not taken power in 1931 and instesd a purely tory administration took power. Suppose the tory Right was stronger (especially over India)
It is imaginable tht Churchill would have replaced Baldwin.
He re-arms quicker, which does stimulate the economy.
There is a War over Czecholovakia, in which the Nazis lose. It is quite bloody.
He would be super repressive in India. People might wonder if the War was needed.
Remember although deeply anti semitic it was not obvious that the Nazis would be genocidal.
Remember too up to that date Hitler had kept the agreements he made.
(of course he tore up the Munich agreement after about 6 months but in thiss scenario he does not get a chance)