An Italy-neutral Second World War

How would the war change if Italy remained neutral in the Second World War?

Britain avoids the North African and much of the Mediterranean war, keeps the Suez route open, and can concentrate carriers and modernized battleships against German surface raiders.

Without Italian belligerence, Britain would not need the historical Mediterranean carrier and Queen Elizabeth-class deployments, and Force H would have a narrower role watching France. The Suez Canal remains a viable route, while any German submarines sent into the Mediterranean face difficulty escaping. Modernized Queen Elizabeth-class battleships could instead reinforce the King George V class, Hood, Renown, and Repulse against German surface ships.