Contemporary income, expenditure, and naval-budget figures support the view that Britain retained room to spend more on defence during much of the 1920s and 1930s. This interpretation does not treat the First World War as a single-event explanation for later economic weakness. It points instead to cumulative shocks and policy choices.
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What interwar public finances say about naval affordability
Government revenue and naval estimates show that interwar shipbuilding limits were political choices as well as questions of raw affordability.