I'm going to say that Britain should have built the M1 Carbine under licence instead of the No. 5 Mk 1 so called Jungle Carbine. Whether the alleged floating zero issue was real or not the No. 5 should have been killed at birth due to the known issues with previous Lee Enfield/Metford Carbines. It would have been easy to kill them off due a certain well known ex cavalry officer from the 1890's now holding a very high position in His Majesty's Government. W.C. as a junior officer would have been very familiar with the Lee Carbines and their heavy recoil and poor accuracy, and it would be in character for the man to tell the Army to come up with a better option yesterday.
Let us look at that.
a. was there a need for a carbine? or other < 200 meter semi-auto weapon? (Yes.)
b. did Britain have one? (STEN, maybe?)
c. Was a lightened SMLE a solution? Somebody thought it was; probably for Burma. For a similar gonzo solution that seemed to work, try WWI when the Germans needed some kind of answer to Wally light machine gun hunter killer teams who were whacking their MG08 nests on the western front in 1915/16 with the HK teams using Lewis guns and Chauchats (Some 70,000 Chauchats per 1917!). The Germans took their 70 kg Spandau (with sled, and actually DMW.) and lightened that joker to about 19 kgs, and put it on a bipod, so it could be lugged around more easily (about 150,000 MG08/15s!). Traded some accuracy and some bullet spitter ability for a lighter load and the ability to move through terrain dodging Wally HK teams. Did it work? In Burma the "carbine" sort of "worked". Had problems, but was less cumbersome than a full battle rifle and used a pre-existing machine tool setup, OS, and ammunition line.
d. Does the M1 carbine meet c. requirements? Important to consider the logistics of an entire different parts and bullet line.
e. Would a hotted up Baretta clone MP38 in 9/19 have answered the c. example?
How much would that cost? The No 5 used existing tooling v a brand new (to UK) M1.....that's also a semi-auto and therefore more expensive and complicated I think a Sterling SMG is more reasonable?
f. Sterling might have been. If I had my druthers, the UK/US might have gone BRNO 100% ATL with squad, light, medium, and GPMGs. (ZB383 as the SAW, Cz. Vz.30 (Bren for UK, Win. M38 US.) CZ. vw. 53 (BESA for UK, Win. M39 for US) and the ZB50 (M1936 US). I am of the opinion that the bullet lines in existent Wally ammunition lines were possible since the Czechs seemed to have figured out to tune guns better than anyone else on earth at the time.
g. costs? About the same as other LL gear.
Offhand, I'd say the SMLE had fewer machining steps as a M1 Carbine. One was made with easy mass production in mind, the other wasn't that changes that outlook.
h. refer to c. .
M1 Carbine was around $45, but for cost of machines are under Lend Lease, so UK would be getting a real bargain after the war.
So with that math in mind, would be even cheaper than the Sterling. PDW > SMG
i. again refer to c. .
j. The M1 carbine does not have to built in Britain. Think of the Pattern 14 of WWI.