A mutually destructive Jutland and the postwar building race

What follows if Jutland largely annihilates both the British and German battle fleets?

Britain would still retain and build more heavy ships than Germany, making a later capital-ship construction holiday much harder to accept and leaving France best placed to gain ships if the High Seas Fleet survives internment.

The panel stresses that equal battlefield losses would not produce equal strategic outcomes. Britain had more surviving 15-inch ships and a greater ability to replace losses, while Germany would struggle to rebuild; those losses would also make a postwar construction holiday politically implausible. If the High Seas Fleet were not scuttled, France is identified as the strongest beneficiary of redistribution.