Just cancel the rebuild of HMS London in late 1930s, and you would get enough funding.
The C69 one, County-class heavy cruiser. In 1939-1941 she undergo a major refit (a belt armor was added, AA guns increased, superstructure rebuild).
Oh, a heavy cruiser.... I hadn't looked into that........
Hmm... From what I just read, the new structure wasn't a success........
Looks like the refit and various repairs to that ship could have paid for a new build......
You means London? Well, she was supposed to become a prototype for all County-class rebuild - but due to war, the program was cancelled.
Yes mate, HMS London
If a success, it might have been worthy. Considering all the repairs required etc, not so much.
Firstly a new build replacement for London, or any of the Counties wasn't possible before 1948-9 courtesy of the Replacement Conditions in the 1930 & 1936 London Treaties (a cruiser completed after 1920 wasn't overage, so allowing replacement, for 20 years).
Secondly. London was not a prototype for all the County class rebuilds. She was the first of the intended 4 London class reconstructions.
The preceding 5 RN Kent class underwent reconstruction between Feb 1935 & Nov 1938. The amount of work carried out on them varied according to how much margin there was in each ship under the 10,000 ton Treaty limit before work started plus what could be saved during the process. All received an narrow 4.5in armoured belt, a hangar & fixed catapult (except Kent which started as the heaviest and only received a more powerful turntable catapult), and improved AA armament and improved HACS arrangements at a cost of losing their 2 quad TT, which it was felt they wouldn't require patrolling the Empire sea lanes. The estimated cost per ship before work started was £215k per ship (Kent £161k). They came out at an estimated 10,200 tons to 10,600 tons standard.
Initial planning for the reconstruction of the Londons began in 1936 and work was planned to be far more extensive and drastic It was originally to include new machinery. As finally carried out she retained he original machinery, the main chnage being a rerouting of the boiler uptakes into 2 funnels and a superstructure layout similar in outline to the Fiji class, everything down to main deck level having been removed. Due to her construction being different to that of the Kents, the new armour belt fitted was only 3.5in thick but was fitted directly to the ship's side plating. All were to be reconstructed at Chatham Dockyard under the following provisional timetable:-
London - Dec 1938-Jan 1940 (work actually took in Mar 1939 to Feb 1941)
Devonshire - March 1940 - May 1941
Sussex - April 1941 - June 1942
Shropshire - June 1941- Aug 1942.
London's standard displacement after reconstruction rose from a planned 10,200 tons in 1936, to 10,650 tons and then to 10,687 in Jan 1939 when it was decided to retain the 2 quad TT. She turned out at 11,015 tons standard. It was this weight growth coupled with the enlargement of the of the openings for the boiler uptakes and the arduous operating conditions of the northern waters she operated in in 1941/42 that caused the subsequent problems. (Note she wasn't the only RN vessel to suffer such structural problems. The Tribal class destroyers and early Dido class cruisers, amongst others, had similar problems and needed hull / deck strengthening).
London's Oct 1941- Jan 1942 was intended to solve her hull strength issues by stiffening up the upper hull and deck. Unfortunately that simply moved the problem lower in the hull, where it had more serious consequences. Another refit followed in Dec 1942-May 1943. After that any problems were not considered serious, being in line with what was expected of other ships operating under wartime conditions.
After further service with the Home Fleet in 1943, she was sent to join the Eastern Fleet in Feb 1944 as part of its emergency reinforcement. Most of the rest of her career was spent in Eastern waters, before returning home to be scrapped in 1950.
The reconstruction of the Counties in the 1930s was essential to keep thm effective since they couldn't be replaced in the short term.