World War II with allied Japan and neutral Italy

How would Britain and the Royal Navy fight World War II if Japan remained democratic and allied while Italy stayed neutral?

In the panel's counterfactual, Britain could concentrate more ships against Germany because Mediterranean and Far Eastern commitments would be reduced.

Italian neutrality removes the Mediterranean fighting assumed in the question, releasing British ships for home waters and the Atlantic. France's fate remains uncertain: the panel considers its historical collapse, a different outcome, and different choices by the French fleet. If a Bismarck sortie still occurs, additional carriers and modernized Queen Elizabeth-class battleships could support the interception. A hypothetical fast force of Renown, Hood, Prince of Wales, and King George V illustrates the greater concentration available. These are conditional deployments within the scenario, rather than a reconstruction of forces actually present at Denmark Strait.