An interwar Royal Navy built around armoured cruisers

What would you build as Third Sea Lord in the 1920s and 1930s without treaty limits?

A large force of fast 9.2-inch armoured cruisers, supported by smaller cruisers and carriers, would be his priority.

Without treaty limits, Britain could build a large fleet of 15,000- to 20,000-ton armoured cruisers armed with 9.2-inch guns and capable of roughly 35 knots. Smaller 8,000- to 9,000-ton 6-inch cruisers would supply numbers beneath them, while carriers provided aviation support. The larger cruisers could perform presence and deterrence missions that did not justify a battleship. Sustained production would also preserve the armour-making and heavy-warship industrial base. Britain could delay new battleships until it actually needed them without allowing the skills behind protected capital ships to disappear.