With the relative ease of taking London and Calcutta (in opposition to Sydney and Muskva) it seems better to go after England
But beyond that, if you take London, you negate all of England’s income, even if you cannot take the territories! Worse yet, Calcutta can take stuff and can liberate stuff on the Atlantic map, but can never collect for it, so you’ve effectively, permanently ended England.
Just my current thoughts, I reserve the right to change my mind with little to no notice and for whatever reason I so choose. (Woman’s perogative.)