Things don't look to good for Britain economically and both Britain and France will likely feel some political strain from the sudden change in government. I believe the negotiations will continue but their will probably be an air of "take it or else..."
I'm going to be honest, I want to see the Italians cheat the Allies and jump in the war at a later date, maybe only to help the Germans in Russia, but for now, I think that the Allies will definitely seek to cause a permanent break in the pact of steel.