I'm falling in the OT trap ... but Lord Halifax literally trembled at the idea of taking over from Neville Chamberlain, he had psychosomatic troubles when he was asked to give his availability to be the British PM.
Indeed, Churchill was chosen upon Chamberlain's indication, after the repeated refusals of Halifax. It seems very unlikely that Halifax would have been available in May 1940, when Britain was well into the thick of the frail. And as far as an appeasement, I'm sure that neither the royal family nor the Britons would have accepted a brutal diminishment of their Empire, influence and wealth, the logical consequence of a reddition to German expansion.
Cheers!
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