Well, at the moment the fleet is just assembling at Scapa Flow so that we can divide it up and distrubute it around the globe. And Scapa Flow is still a viable naval base. From there we can reach the German coast and should be able to reach the Baltic sea ports. If the Germans were to get uppity and attempt to block access to the Baltic by capturing Copenhagen, then there is not much we could do unless we wanted to confront them directly on the continent and take back Denmark.
And would there really be a point in keeping any sizable naval force in the Caribbean? What we already have there (2 Cruisers and a few destroyers IIRC) is more than sufficient. After all, there are no direct threats to our bases in the region at the moment.
Oh, and by the way, its Graf Spee, not Graff Spree.