What if all four Admiral-class battlecruisers became carriers and Britain built four new fast battleships in their place?
Short answerThe fleet would be formidable, but it would probably break the historical Washington settlement or force substantially higher limits for carriers and capital ships.
NotesFour large Admiral-derived carriers would give the Royal Navy an extraordinary early aviation force. Adding four new fast battleships armed with twelve to fifteen-inch guns would compound the challenge to American and Japanese negotiators. The Washington settlement would probably fail or accept much higher tonnage ceilings because Britain would not surrender such a costly and strategically useful program without major concessions. Britain's global bases would make the force especially effective, while the treaty response would shape whether the ships survived as built.