With no obvious heir, it would seem that there is a strong case for Philip II of Spain to take over. After 5 years of persecution and execution of Protestants, many in England would be ready for a Catholic king. Many however would not. Civil war breaks out - Catholics v Protestants. I don't fancy Protestants chances. Philip II takes the throne. England becomes a Spanish colony.
Highly unlikely
the dutch 80 year war started in 1568, if spain goes this course it will mean taxation in the netherlands will be even bigger just speeding the process of independence. spain would then have to spread its forces over the netherlands and britain which would lead to a sooner collapse of spain than otl