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This is a variation of my first thread (New Navy in the 1970s) in which I proposed the RN keeping the Centaur Class Carriers in service in the 1966 defence review rather than banning carrier aviation.
My proposal this time is that when the Conservatives are elected in 1970 they decide to keep Eagle and Ark Royal in service. My financial justification for this would be a higher estimate of the North Sea Oil reserves. (estimate not the actual amount of oil). Prior to 1970 the plans were the same as OTL.
As part of this decision I sugest that the US offer the Royal Navy the USS Franklin Roosevelt, with a number of conditions.
1. The British agree to participate in the developement of a new class of medium carrier the proposed CVV class with a firm commitment to build at least 2 and preferably 3 such ships.
2. The British agree to mainly opperate the Roosevelt in the Meditteranian and South West approaches.
3. Any future refit of the Roosevelt be carried out in the US.
The use of the Roosevelt will allow for first Eagle and then Ark Royal to undergo extensive refits to extend their useful lives into the 1980s by which time the new CVV class ships should be ready to enter service.
If the other 2 Midway class carriers are anything to go by Roosevelt has a potential further service life of at least 20 years.
As part of the agreement it will require the consent of both Great Britain and the United States to cancle the CVV programme. Concorde is the precident for this.