How much better placed would the Royal Navy be if it built a Malta-class carrier instead of Vanguard?
Short answerIt would gain a more flexible and potentially more economical postwar carrier force, especially if the substitution led to several Maltas being completed.
NotesA completed Malta would improve Britain's postwar carrier position and strengthen the case for finishing additional ships of the class. Commonality among several large carriers could make the expensive reconstruction of Victorious unnecessary. Without Vanguard, the later King George V-class battleships might remain in service slightly longer, but the fleet as a whole would become more flexible. Wider consequences could include NATO burden-sharing, French carrier design, and Britain's place as the principal North Atlantic carrier power.