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Inspired by Astrodragon's enjoyable TL "The Whale has Wings" how about other way around - no FAA and less carrier focused RN prior to Second World War?

We might not see total elimination of RN carriers but maybe a minor effort only towards carriers, with perhaps, say Courageous, Glorious and Hermes surviving the cuts of 1920's, followed by building of some light carriers (say, heavily armored fleet support carries carrying small amount of aircraft) or hybrid ships during late 1930's buildup.

While this may initially sound seriously harming the RN's war effort and the Allied war effort at large, what could be done with additional resouces? I'd imagine the AAA of ships might well be better as no or at least less fighters might be available. This might mean much less casualties for RN during early period of war when they were severely threatened by Italian, German and Japanese aircraft.

Amphibious warfare, submarines, mine warfare and special operations units would get a boost as airplanes would not be seen as important means of striking on enemy bases as in OTL. Commando units in Norway 1940? SBS operational in Taranto working together with X-craft? British unsweepable pressure mines being laid on footsteps of enemy bases? More advanced submarines?

Thoughts on a) How smaller RN carrier force might be achieved and b) What would be done with additional resources available?
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