An Anglo-German alliance before the naval race

What if an Anglo-German alliance had succeeded in the 1890s?

Germany would likely spend less on its fleet, Japan might join the alignment, and a Russo-Japanese conflict could expand into a disastrous two-front war for Russia and a severe strategic problem for France.

An Anglo-German alliance would probably shift German resources toward the army because Britain could supply the maritime side of the partnership. Japan might join the alignment through its British connection. Russia would then face Germany in Europe and Japan in Asia without the transport capacity to reinforce both fronts. France would have to abandon Russia or fight an alliance containing the Royal Navy, while sending the Baltic fleet east would expose St. Petersburg and other home waters.