British fast battleships without the battlecruiser

Without battlecruisers, Britain could build progressively faster battleships and large 9.2-inch cruisers, leaving Germany constrained by turbines and eventually recreating the same capital-ship problem.

Question

What if Britain never built battlecruisers and instead enlarged armored cruisers while accelerating battleships?

Short answer

Britain gains more fast battleships and Germany faces a severe machinery disadvantage, but escalating cruiser designs eventually recreate a capital-ship hunter.

Notes

British capital-ship slots would shift from battlecruisers toward additional fast battleships, while large cruisers retain cruiser-caliber weapons. Germany would struggle to match the pace because of its weaker turbine position and dependence on British technology. The cruiser line could grow only so far before someone built a ship with heavier guns to defeat it, effectively reinventing the battlecruiser or fast battleship. Industrial capacity and strategic demand, rather than the label applied to the type, drive the design back toward Fisher's concept.