A treaty fleet built to the two-power standard

What would a treaty-era Royal Navy built to the two-power standard look like in the Second World War?

It could maintain three large fleets of roughly eleven capital ships each, leaving no single opposing navy able to match British strength in its theater.

The enlarged Royal Navy could be divided among the Home, Mediterranean and Indian Ocean fleets. Each formation might centre on roughly eleven capital ships and receive its own cruisers and supporting forces. Germany or Italy would face only a fraction of the British total while the other theatres remained covered. This changes the strategic balance before individual battles are considered: potential opponents would confront a global fleet able to concentrate without abandoning every other station.