Could British yards build the extra cruisers without cutting battleships?

Why would extra battlecruisers and light cruisers not reduce the number of battleships built?

Britain had substantial unused shipyard capacity before World War I, so more orders could employ idle slips and firms rather than displacing the historical battleship program.

Three major yards and several smaller British firms were underused or closing despite the naval arms race. Thames Ironworks is the best-known example of capacity disappearing for lack of orders. Palmers, builder of Queen Mary, had scope for more large warships and later used only one of its two slips during the 1920s. Capital could become a constraint at some points, while labour was available from other places. Additional orders would sustain employment and put more money into circulation, potentially easing that capital shortage. The counterfactual therefore does not require exchanging each extra cruiser for a battleship.