A German fleet without large surface warships

What if Germany built no surface warships larger than the Deutschland class before or during World War II?

Britain could cover the smaller German surface threat with older capital ships and shift more modern heavy units to the Mediterranean.

The proposed German navy stops at the Deutschland-class heavy cruisers instead of building larger surface combatants. British capital ships, including older units, are considered capable of dealing with that threat. The main consequence is a reduced need to keep modern British capital ships tied to the North Atlantic. Older carriers could remain there, while Force H would be diverted north to counter surface raiders less often. Hood, Renown and Repulse could remain around northern British bases as forces able to respond to cruisers. Modern King George V-class ships could instead reinforce the Mediterranean alongside Warspite and the modernized Queen Elizabeth class. These deployments depend on the smaller German surface threat assumed in the scenario.