Britain tried to close yards while rearming

Could Britain have completed more refits before the Second World War?

Yes, but prewar policy constrained capacity by making the Admiralty's modernisation plans compete with Treasury-backed shipyard closures.

Competing state priorities worked against each other in the run-up to the Second World War. The Admiralty needed yards to modernise warships and expand construction while the Treasury was offering the same industrial base incentives to close. The closure policy was supposed to reduce national dependence on shipbuilding employment and release labour and enterprise into other industries. In practice, that economic theory weakened the skilled capacity rearmament was beginning to require.