The political concept of an alliance between England, France, and Austria actually emerged several years ago, after the arms race among England, France, and Austria.
The Royal Navy failed to meet the two-power standard in the arms race; the visionaries within the British Government believed that continued opposition might lead to an alliance between France and Austria, which would not be in Britannia's interest.
Some then proposed an alliance between the three nations, attempting to use the treaty to restrain France and Austria from expanding their armaments, while establishing Britannia's dominant global status and creating an international order centered around the United Kingdom.
This plan was clearly too idealistic because the conflicts in interests among the three nations meant that the concept always remained just that, never becoming a reality.