What happens if the High Seas Fleet remains in German hands into the 1920s and enters naval treaty negotiations?
Short answerThe scenario requires a different First World War, and Germany would seek a major-power ratio that Britain probably would not accept.
NotesBritain would not allow a defeated Germany to retain the High Seas Fleet after the historical war. Its survival into the 1920s therefore implies that the First World War either did not happen or ended very differently. In any later treaty negotiation, Germany would seek at least a ratio comparable to Japan's. Britain would be unlikely to join an agreement that preserved a powerful German fleet on those terms.