Political and technical reasons for a cruiser-only Royal Navy

The reason Britain abandons battleships determines how other navies should interpret its cruiser fleet. A political decision to stop supporting capital ships leaves much of the existing balance intact. A technical breakthrough would create a different problem: hypervelocity 9.2-inch guns or a long-range guided torpedo could let smaller ships destroy capital ships reliably. These are hypothetical explanations for the scenario. Carriers remain in British service under the question's terms. The resulting contrast is between fleets centered on battleships and a British fleet centered on cruisers and carriers, with American and Japanese reactions depending on whether they understand the new weapons.