A Neutral Italy?

Ok lets say someone like Balbo takes charge in the mid-30's.

Everyone has concentrated on the benefits to Germany, but the British would have been soooo grateful.

The All Red Route to India is secure. Millions of tons of shipping are released from the Cape round-trip and instead go through the Med'. We can buy weapons from Italy (as we had suggested in 1939 to Mussolini) in return for favourable deals on oil and raw materials which Germany cannot afford to offer.

The British Carriers and Battleships at Alexandria can support Convoys or be deployed in SE Asia. The divisions tied up in North Africa could have been used to fulfill Churchills dream of retaking Norway.

All sorts of options...

Jumbo

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"Capital! We're nearly out of ammunition! Now we can get at them with the bayonet!" General Paddy Gough, 1st Sikh War