The issue here is that, if you remove Britain from the colonial equasion, France and Spain are going to have ALOT more reasons to butt heads, and due to both being on the Continent their colonial wars are unlikely to remain as limited/relatively cheap or with the main land burden being pawned off onto allies as our own timeline's Franco-British or Anglo-Spainish conflicts were. Portugal, too, is going to need a new ally since the Anglo-Portugese Alliance won't be sufficent to protect her against Spain, especially since the lack of a rise in Anglo merchant power and the need to focus more attention away from the Med. towards France is going to lead Spain to be more motivated to undermine rather than fully co-opt Portugese merchant power. In my opinion, this is going to lead to the wars establishing colonial bounderies to be generally bloodier and resource-draining, with the Spainish therefore being able to dedicate fewer resources to the Med./North Africa and the French to Italy. This gives the penninsula a little more wiggle room, as well as making the region in general more vulnerable to the Ottomans and Hapsburgs, who likely take on a higher naval role as a result. The lack of a rising England also creates ALOT of butterflies relating to the Dutch and Protestantism in general, especially since the religion penetrated so well among the mercantile/middle class and, through them, got the roots to dominate England.
As a result, I expect European wealth to flow more towards the Hansa and Italy, as their traditional banking/merchantile positions are going to be less undermined by larger resource and population based rivals, Scandinavia and the Eastern Med. are going to be relatively more prosperious in general, ect. A stronger Danish or Swedish Empire are likely the result, becoming England's replacement as the core Protestant patron and European early industrial development (In partnership with the North German states), and a stronger Ottoman grip on the Med., North Africa, and into East Africa/the Indian Ocean (Due to Western European resources getting sucked up in greater quantities for similar gains in the New World). Scotland is in a... better position, but lacks the same proximity to capital, natural resources, and well-placed harbors and well-managed/situatied populations to get the kind of urbanization and direct control she'd need to become a big colonial Empire. As for India, I can see the colonization being more of a "client state" model if it exists at all, possibly with the Ottomans participating from their established positions in the East Indian and East African trade.