What if the Washington Naval Treaty excluded carriers as large as Hermes from carrier tonnage?
Short answerBritain could build numerous small carriers for worldwide presence while reserving the treaty allowance for five or six substantially larger fleet carriers.
NotesThe tonnage arithmetic begins with Hermes, Argus, Eagle, Furious, Courageous, and Glorious. If the treaty exempted ships below roughly 12,000 to 15,000 tons, the Royal Navy could keep local-presence and training carriers outside the main allowance. It might build perhaps a dozen small ships alongside five or six large fleet carriers. Unicorn-like support ships would also become easier to obtain without sacrificing combat-carrier tonnage. The threshold would shape the whole carrier force, rather than the size of one design.