For the Union, British neutrality meant that the Confederacy would not have access to British ports or markets. This would have had a significant impact on the Confederate economy, as Britain was one of the Confederacy's main trading partners. In addition, British neutrality would have prevented the Confederacy from obtaining much-needed weapons and supplies from Europe.
For the Confederacy, British neutrality was essential for a number of reasons. First, the Confederacy hoped that Britain would eventually recognize its independence. Second, the Confederacy needed access to British ports and markets in order to export its cotton and other goods. Third, the Confederacy relied on British shipyards to build warships and merchant vessels.
Both the Union and the Confederacy made significant efforts to win British support during the Civil War. The Union sent diplomats to Britain to lobby for its cause, while the Confederacy sent agents to Britain to purchase arms and supplies. In the end, British neutrality was a major factor in the outcome of the Civil War. Without British support, the Confederacy was unable to sustain its fight for independence.