1. Didn't the Treaty of London also include France exchanging Naples and Sicily for Savoy proper and Nice? I'm pretty sure it wasn't intended for France to keep any lands beyond the Alps... Together with the exchange of Milan for Lorraine that basically consolidated their borders into what's now metropolitan France some 150 years ahead of schedule (Savoy and Nice only being incorporated during the period of Italian unification).
2. imo the Treaty of London being implemented would make the biggest winner and loser of otl's Utrecht switch place, the British and the Dutch. Ironically London didn't change anything for either for them, but that's exactly why. The Dutch basically bankrupted themselves trying to fend off the French and all they got from it was a barrier treaty that, it turned out, they couldn't actually afford anymore. And to add insult to injury they lost the right to trade in the Spanish colonies to the British. The British on the other hand gained a bunch of land, none of them too big but a couple with a large strategic value, and major economic benefits (like the aforementioned trade deal). With London the British instead gain nothing except for a pat on the back for keeping the peace in Europe (for a while). The Dutch instead get to keep their buffer zone, their Spanish trade, and their economic stability and they don't have to lift a finger for it.
France, if anything, also loses out with London imo. It's true that they would get a couple of new lands (as mentioned before), but I'd argue that a Bourbon on the Spanish throne was way more advantageous to them than the small territorial gains envisioned in the Treaty of London. Spain would have a minor gain instead, since they get to hold on to the Spanish Netherlands in this scenario. Austria has basically a stalemate, they keep their dynasty on the Spanish throne but the associated lands are reduced, specifically in Italy.
What happens afterwards really depends on who's the first to complain about their share. The Habsburgs would most likely want their Italian lands back, France would want the Spanish Netherlands (as usual), etc.
2. imo the Treaty of London being implemented would make the biggest winner and loser of otl's Utrecht switch place, the British and the Dutch. Ironically London didn't change anything for either for them, but that's exactly why. The Dutch basically bankrupted themselves trying to fend off the French and all they got from it was a barrier treaty that, it turned out, they couldn't actually afford anymore. And to add insult to injury they lost the right to trade in the Spanish colonies to the British. The British on the other hand gained a bunch of land, none of them too big but a couple with a large strategic value, and major economic benefits (like the aforementioned trade deal). With London the British instead gain nothing except for a pat on the back for keeping the peace in Europe (for a while). The Dutch instead get to keep their buffer zone, their Spanish trade, and their economic stability and they don't have to lift a finger for it.
France, if anything, also loses out with London imo. It's true that they would get a couple of new lands (as mentioned before), but I'd argue that a Bourbon on the Spanish throne was way more advantageous to them than the small territorial gains envisioned in the Treaty of London. Spain would have a minor gain instead, since they get to hold on to the Spanish Netherlands in this scenario. Austria has basically a stalemate, they keep their dynasty on the Spanish throne but the associated lands are reduced, specifically in Italy.
What happens afterwards really depends on who's the first to complain about their share. The Habsburgs would most likely want their Italian lands back, France would want the Spanish Netherlands (as usual), etc.
Last edited: