The Ten-Year Rule formally ended in 1932, but in this interpretation the Treasury continued applying its restraint in practice until 1937. Announcing a change in defence policy left a substantial delay before expenditure actually rose. Similar delays in the 1850s and 1890s support the criticism that British governments could take roughly an election cycle to turn promises into expansion. The J and K ships were being laid down in 1937 and early 1938, after that delay, with Henderson still actively directing procurement.
Notable Point · 9:23-11:38
Why ending the Ten-Year Rule did not immediately expand shipbuilding
The 1932 policy change and the claimed persistence of restraint until 1937 separate a spending announcement from practical rearmament.