Without delay, carriers arrive around 1940 and Lions around 1942

What timeline might British capital ships follow if Churchill had not delayed construction?

The carrier programme could continue into launches and assembly around 1940-41, with Lion-class construction beginning on schedule and possible service by 1942.

British shipyards could have sustained the planned pace. Carriers already in the programme would largely be launched or assembling during 1940 and 1941. Lion-class battleships could begin on schedule in 1940 and plausibly enter service around 1942. The counterfactual turns on continuity of orders and yard work rather than on a new technology appearing early.