Would Germany continue the naval race against this larger British program?
Short answerPossibly, but 15-inch-gun battlecruisers would raise costs alongside the Queen Elizabeths and could bring the naval budget into conflict with army spending sooner.
NotesThe proposed program adds only modestly to British dreadnought numbers, so it does not guarantee an immediate German retreat. The more serious pressure comes from the cost of answering both 15-inch-gun battleships and battlecruisers. Historically, competition with army spending eventually constrained German naval construction. Extending the same cost increase to battlecruisers could reach that limit sooner, although Tirpitz would not necessarily abandon the race as soon as the program began.