They would have still enjoyed their naval supremacy and the boons of being an island nation. However, once armoured steam ships like Ironclads began to take over as THE naval warfare units and the ships of the line are only viable for long range operations they would have to be a lot more careful around their european neighbours who could come down crashing across the canal with superior fleets.

The railways were also a major part of the industrialization process as they revolutionized the way goods and services were transported across land. Without access to cheap coal England's rail system would be set back considerably. You can see how that turned out for royal Russia (which had coal but had much larger swathes of land to cover with its rail system) - they had massive problems with infrastructure and railways in particular and therefore could not be as effective in industrializing.