Why Repulse missed a full reconstruction

Repulse's incomplete modernisation was driven by availability as much as finance. The Abyssinian Crisis and Spanish Civil War kept the Royal Navy's fast capital ships busy just as rearmament created work that could support shipyards and industry. A comprehensive rebuild was closer to reconstruction than a routine refit and would have removed her from service for a long period. The government could probably have funded faster work, but money could not replace the ship while she was in dock. By the time Renown returned in transformed form, the window for giving Repulse the same treatment had nearly closed.