If the 1939 pause had not happened, might the Malta-class carriers have been built?
Short answerThey could have been much further advanced by the war's end, although the answer does not promise completion.
NotesEarlier completion of the Implacables could have allowed work on the Audacious class to advance sooner. The answer then imagines the Maltas reaching a stage comparable with the historical Audacious programme by the end of the war, possibly further. This is presented as a possibility, not a firm prediction that the Maltas would be completed. A stronger fleet-carrier programme could also have delayed the decision to order light fleet carriers until war with Japan. The consequences depend on the success and timing of the preceding programmes.