WI: Britain Makes Peace With the Nazis... I promise this isn't a "Nazis Win" thing

Let's say Britain makes peace with the Nazis after Dunkirk. What does Britain do after this? With no war in Europe, how does she conduct herself on the world's stage?

I'm not really interested in what happens in WW2 as a result (though it probably needs to be discussed, it's not my major concern). I'm wondering what does a now neutral Britain do with herself during the 30's-40's?

Of course, Japan is still over there...
 
I wrote a timeline called Halifax based on a temporary peace deal in 1940. It won a Turtledove. Might be interesting for you. Link on name of thread.
 
Are we assuming that there's no follow up conflict? There's going to be a fair bit of difference between a serious peace that writes off Europe and a peace that's simply used a pause to re-arm for the next round.
 
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