Designing a medium Pacific navy under a fixed budget

How would you design a medium-size Pacific navy with a £15 billion budget?

Prioritise escorts, submarines, cruisers, carriers, and aircraft; armour-production capacity can make battleships a worse trade than more numerous other ships.

With a £15 billion budget, priority goes to cruisers, destroyers, submarines, carriers, and the fleet air arm. The carrier preference is for enlarged armoured designs in the Indomitable and Indefatigable direction, retaining protection while carrying more aircraft. Battleships would absorb much more high-quality armour plate. Yard and armour-production capacity therefore constrain the fleet at least as much as the cash total.