In a word, Germany, since 1870 France's chief potential adversary and after 1900 viewed in Britain as a potential naval rival. An additional complication was the growing threat of war in the Far East through 1903, with France allied to Russia, Britain to Japan and neither wanting to be drawn in.

There were other calculations: Britain had become increasingly aware of its international isolation in the 1890s, while after a century of slow growth France was no longer the paramount menace it had once seemed, least of all compared to Germany's surging population, industry and ambition. No longer quite so confident or fearsome as before, each had an interest in coming together.

The relationship's domestic political impact was limited: for one thing it wasn't an alliance, for another each focused on its own global policy, just now with one less prospective enemy to worry about. Military and naval discussions remained low-key, Britain preferring to maintain its freedom from binding Continental entanglements and France looking to Russia as its key military partner while pursuing understandings with Italy and Spain.