Henderson's lost opportunity for earlier rearmament

What could the Royal Navy realistically have done earlier to prepare for the war?

Starting Henderson's 1933 program without the Second London Treaty delay could have produced more carriers, modernized ships, cruisers, and a much larger escort force.

Henderson's original plan has not been found in the archives consulted for this account, so its precise contents remain uncertain. Secondary references suggest that it assumed naval construction would not be delayed by another treaty agreement in 1936. Starting from that premise might have delivered two more carriers, earlier modernization of a battlecruiser and a Queen Elizabeth-class ship, and additional cruisers. The greatest wartime payoff may have been roughly forty extra sloops for escort work rather than a spectacular new battle line.