The rules had changed. Air supremacy over the channel would be all that was needed. The Home Fleet would not have dared to sortie if the Luftwaffe had gained air superiority over the channel and south eastern England.
I assure you, this would have happened, and I assure you that enough elements of the Home Fleet would have survived to crush any German amphibious forces in the Channel and isolate any German forces in England.
The only realistic way for Germany to invade England would have involved a)a prior crushing defeat of the Home Fleet, and b)absolute and complete air superiority over the Channel and southeastern England.
Fulfilling both of those requirements was FAR beyond the capability of Germany in 1940, and once the US entered the war, even if Germany had the resources of all of Europe and the Soviet Union, Germany still couldn't have forced a successful invasion of England prior to the US developing the atomic bomb.
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