Paying for earlier British naval rearmament

How could Britain pay for a generation of battleships beginning in the early 1930s?

A modest defence-spending increase and slower debt repayment could fund orders that also reactivated domestic shipbuilding and employment.

British defence spending in the early 1930s remained low enough that an increase toward four percent of national output was financially possible. The government could raise taxes or, more plausibly in this scenario, repay First World War debt more slowly. Ship orders would also employ British workers and protect the maritime system holding the empire together. Henderson spent the middle 1930s preparing yards and designs, so an earlier political decision could move the historical 1937 construction surge forward while more infrastructure still existed.