During WW2 two operations had different outcomes. Operation Vengeance, the American assassination of Isoroku Yamamoto failed, and Operation Valkyrie succeed in killing Hitler.
These events changed the course of the war drastically and by 1945 Japan and the German Republic were fighting with the Allies against the Soviet Union and Himmler's Third Reich.
With the war continuing the conservatives won a marginal victory in the 1945 general election and Churchill remained in power. After the Soviets were defeated it was he who suggest that Germany should restore it's monarchy. While German remained a republic, it became a federal one with Chancellor Lettow-Vorbeck approving a Hohenzollern, a Wittelsbach and a Habsburg to return to their thrones.
Churchill aslo reluctantly oversaw the start of decolonization, a somewhat more gradual process than in our timeline with Britain refusing to leave a state until stability could be assured. This occasionally lead to violence, as it did in India in 1948 where Muslims and Hindu Nationalists clashed, and in the same year in Palestine where Arabs and Jews fought.
In India agreements were reached, but ongoing violence has ensured that the Palestine Mandate is likely to remain British well into the 21st century.
Both Britain and France maintains better relations with their most of former colonies, even keeping a few territories in South America, the Caribbean, Africa and the Pacific, and while on their own they are not super powers, with the French Union and Commonwealth of Nations behind them they can give the USSR and USA a run for their money.
In Malaya and Indochina Communism posed a major threat into the 1950's until stable governments could be established and the Asian Treaty Organisation formed.
Communism still continues to rear its ugly head across the world, but it could never take off in the way it did in our timeline. Even the Soviet Union is liberalizing, if slowly with Leningrad becoming a special economic zone, experimenting with capitalism.