It really is a pity that it was so under-gunned. The 2pdr had good abilities for a gun of its size, but lacked the range (and the HE?) to be a truly effective tank gun. Imagine a scaled-up, Matilda-type tank, with a bigger gun, and... Oh, wait, that is the Tiger!
AFAIK in France in 1940 the 2Pdr guns had no capped AP shells which made them less effective against the German front hardened armor (FHA). David
The Matilda would have definitely benefitted from a larger gun. Didn't later models carry the six pounder?
No, but one modified Matilda was fitted with a Cromwell type turret mounting a 6pdr. I don´t know why it never entered production. Perhaps because the Churchill III allready carried the 6pdr, or perhaps because the Matilda/Cromwell turret combination simply was too ugly.