A modern Royal Navy with Napoleonic-war budget priority

What would today's Royal Navy look like if, from 2000, it had received the same share of government spending as during the Napoleonic Wars?

In the proposed scenario, it would probably become the world's second-largest navy, supported by a large naval air service and sustained British shipbuilding.

The comparison uses the Navy's share of government spending rather than the nominal cash sums spent during the Napoleonic Wars. Starting that priority in 2000 is expected to produce the world's second-largest navy, still smaller than the US Navy. The naval budget is imagined at roughly three times the combined Army and Royal Air Force budgets, with the Royal Naval Air Service larger than the RAF. Continuous British orders would keep shipyards busy and reduce the cost of construction. The resulting throughput could make British yards attractive to foreign customers as well.