Starting King George V-class construction in 1933

What if King George V-class construction began in 1933 rather than 1937?

Britain could field new 15-inch-gun battleships much earlier, then move from modernizing old ships toward replacing them as the new force reached critical mass.

A different treaty regime could make 15-inch guns and 4.5-inch secondaries more likely than the historical arrangement. A sufficiently early, sustained new-build program would reduce the incentive to spend heavily modernizing older capital ships once the desired fleet mass was reached. Beginning in 1933 could place successive groups into service before the historical class was even laid down, potentially yielding roughly sixteen modern ships by 1937. Treasury payment cycles, rather than a simple lack of yard capacity, would shape how orders were staggered across financial years.