Fisher's reforms formed part of a political argument over peace, taxation, and military expenditure. In his first years as First Sea Lord, naval estimates fell even while dreadnought construction and institutional change increased fighting capability. He achieved that result through efficiencies and reductions in older or less useful ships, although such savings had long-term limits. Spending began to rise again only after 1907 as the German naval build-up made the earlier economies impossible to sustain.
Notable Point · 47:57-51:37
Efficiency reform before the German naval surge
Fisher initially combined major reforms with falling naval estimates, extracting more capability before German construction forced spending upward.