Why fast battleships and carriers displaced the battlecruiser

Did Britain replace the battlecruisers lost in the First World War, and why did the type disappear?

Britain completed three ships already under construction, but by the Second World War fast battleships and aircraft carriers covered the useful roles more flexibly.

Britain completed three new capital ships after losing three battlecruisers, although those ships were already under construction rather than emergency one-for-one designs. By the Second World War, Britain was building King George V-class fast battleships and HMS Vanguard instead of new battlecruisers. Aircraft carriers offered a different kind of reach and flexibility. Fast battleships could approach battlecruiser speed while carrying stronger armour. The separate battlecruiser type had lost its niche between the carrier and the modern fast battleship.