Count_Zeppelin already touched on one problem, that being the money is incorrectly figured.
Here are some others. Since England is buying all bombers, what is preventing the Germans from throwing everything they have at Russia? Who is keeping Italy from having all of Africa? What happens when the AA guns shoot down all your bombers? What if the bombers roll all ones and twos? Who is keeping Japan company? They might feel left out and seek someone to play with.
Strategic Bombing campaigns are useful, I have used them in Revised by both sides, however, they are not the easy automatic path to victory every one assumes they are. Also a problem with this strategy as laid out is one I find with many. It assumes a static and willing victim for it to succeed and if your opponent is that bad, then do you even need a real strategy?
England is not building only bombers every turn. They do that the first couple of turns only. Then on turn 3, maybe 1 per turn or (if they get heavy bombers) 2 per turn. They should definitely build up a small fleet with at least one transport just to bleed off some German/Italian forces.
England is the only one doing this. The USA is building just enough fleet to keep Japan from attacking USA. The USA is also building enough fleet and air force to take out the Italian navy and maybe threaten Italy itself (depends on how much of the UK air force survives and if they are also bombing Italy each turn).
You ask what happens if UK loses all of its bombers or if it rolls low numbers. Well that depends on what turn it happens. If it happens on turn 2, then sure, the Axis will probably win the game. But if happens on turn 5, when Germany is already on the defensive, then the Allies can probably survive it. By the same token, I could point out that the German air force could get unlucky and be completely destroyed on G1. Wouldn’t that give the Allies an advantage at winning the game? Others have been saying that this game seems to be decided in the first few turns, so what difference does it make if the Allies lose because the UK loses all of its bombers on UK2?
What is preventing Germany from throwing everything at Russia? Uh, the SBRs perhaps? If Germany repairs the damage, then they have less money to spend on troops. The SBRs will most likely put their spendable money down to about as much as Russia’s spendable income (assuming that they don’t repair ALL of the damage each turn; but this would allow UK to use less bombers on their next turn and therefore less chance to get shot down, so it balances it out). Plus Germany might be spending money on technology, trying to get radar and/or improved production. Each 5 IPCs they spend on that is one less tank going towards Russia.