How about, heavily armoured 16" battlecruisers able to catch and harass an enemy, slow them down and allow the main Fleet of heavily armoured but slower 18" battleships to catch the fleet and put it under the waves.
Because the weight saved by going from an 18" to a 16" battery doesn't make up for the weight of machinery needed to get the extra 50,000 SHP.
Basically, if it's armoured against 18" either it's ridiculously huge, it's armed with popguns (or a severely reduced battery, maybe 4-6 15-16") or it moves at 23-25kt, 25-27kt if you cut corners and push the limits. That's the equation everyone is struggling with in 1920.
The RN believe the battle line needs a fast wing. That means a decent margin of speed over contemporary battleships (and the projected battleships of 10 years hence), and enough firepower to hurt a capital ship, which means 16" guns and enough of them to maintain a decent hit rate. Put those together and there's only so much tonnage left for armour, which is why you end up with a battlecruiser, albeit one with better protection than most pre-war battleships.
There's an argument that in an 18" world, they should go for a unified line of 26kt fast battleships with 18" guns and full armour, possibly with a side order of 32kt CAs with 8-12" guns, cruiser armour and a big sign over the bridge saying "Not for use in the line of battle". But the British can't afford to build 20,000-ton ships that can't stand in the battle line, and the enemy may inconveniently show up in a
Lexington or
Amagi which can run from your fast battleships and massacre your CAs.