Suppose that both German and Allied rearmament is somewhat delayed, although Germany's annexations and conquests still proceed at a similar rate to OTL. As a result, on the eve of the invasion of France in 1940 the state of both sides' military hardware (including static defences) is in about the same state as it was in OTL about approximately a year before (perhaps give or take several months). How would the German invasion of the Low Countries and France and the battle of Britain go in such a situation? (I have no specific PoD in mind, so if you feel the need to find one before discussing the above scenario feel free chose any one you like, although the later it is the better).