DBWI: No Imperial Federation?

So as we all know the Imperial Federation is the dominant superpower of the current day, continuing the legacy of the British Empire. After several attempts to create a federal British Empire the Imperial Federation finally united in 1949.

But what if the Imperial Federation was never created? What if instead of federating, Australia, the UK, Canada, South Africa, Jamaica, Nigeria, New Zealand, Singapore, Guyana, Ghana, etc all went their seperate ways?
Well, without the Imperial Federation, it's likely that SE Asian colonies would have fallen to the Panasian Rebellion and then joined Japan into the Coprosperity Sphere.

Africa and Middle East would likely have become communist. Or would have become National-Revolutionaries, following the German way.

People mostly forgot it, but the British Empire nearly collapsed during the Great Depression...