If Atlee had been able to hang on, until say the mid 1950s, or had gone to the country in 1952, then Labour would have benefited from the favourable economic conditions. There would have been less of a focus on consumerism and a bigger priority on Industry. So in the short term, a slower recovery from austerity, but a mixed result long term. There wouldn't have been much more nationalisation but more fiscal redistribution.
Its widely beloved that Atlee wanted Aneurin Bevin to lead the party-yet if Atlee stepped down in the 1950s, this may have caused a similar issue to the Left right split of the 1950s. Especially as there would have been the campaign for Nuclear disarmament by the left.
As a result we could have seen a divided Labour party defeated by the Conservatives in the late 1950s. This is interesting as If Churchill lost in the early 1950s, he would have been asked/forced to step down for either Eden, or perhaps someone younger.