I think the cultural implications of a peace agreement with the UK would be 'interesting':
On one hand, you'd have the complete German propaganda machine doing their best to convince the English (we'll worry about the Canadians, South-Africans and even Scots later...) that despite the unpleasantness in Scapa Flow and Dunkirk, Germany is no longer an enemy, never really has been an enemy in the first place and wishes nothing but the best for the UK. Prepare for a lot of German movies and books where the main character is aided by an English 'best friend' and lots of propaganda pieces about how France and Poland are doing quite well under German occupation and that there is absolutely no worry on part of the British about Germany mistreating them. You might even see the Jews in France, Belgium, the Netherlands and Scandinavia getting a break, especially those with business ties to the UK. Meanwhile Germany and Britain battle it out in non-military competitions any chance they can: Expect lots of inter-land football (soccer) matches, sailplane competitions, aerobatic competitions, sailing races and lots of other sporting challenges. You might even see a rugby and cricket league take off in Germany, just so that there could be friendly inter-land matches...
On the other hand, internally, the Nazi propaganda machine will piece by piece distribute the image that the UK Commonwealth might be a colonial power still, but in Europe itself is pretty insignificant and that London has better skills dealing with Canada, Africa and India then having any real power in the 'civilized' world. Prepare for lots of caricatures of British white colonials appearing in movies and books that are valiant, courageous and noble, but cannot grasp that the Germans are not the natives they are used to rule in Africa and India.