Welcome again to everybody. Make yourselves at home. In the time-honoured tradition of our group, here is the weekly discussion thread.
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Was he working for British intelligence back then?
In most iterations, yes. Afred is almost always an ex-British intelligence agent.
Why would he go from that to being a butler for some billionaire?
Working for billionaires -> Working for the billionaire (the richest one).
Tbf, I wouldn't be surprised if he was working for the Waynes to keep tabs on them in behalf of the British intelligence. Afred also knew how to get Batman's gadgets from other markets without getting government attention, which is sus af.