What interests me here is the British responce to the knowlege that Germany is building two fleet carriers.
Lets say it's 1937. Britain has a force of 6 carriers three of which are unsuitable for much more than training and trade protection. These are Argus, Eagle and Hermes. The other three are the converted Large Light Cruisers Courageous, Furious and Glorious of which one Furious is of limited utility due to its reduced airgroup. All need replacements.
There is one modern carrier the Ark Royal 3 building.
A further 6 heavily armoured ships are planned. As is a smaller maintenance carrier the future Unicorn.
The navy decides something needs to be done to plug the percieved gap in capability.
Options.
Do nothing extra, the planned ships are enough.
Reconvert HMS Vindictive back into a carrier along with some of her half sisters.
Order a repeat of HMS Ark Royal.
Rush through design of Unicorn but as a dedicated light carrier and order at least 1 more.
Speed up design and construction of the Illustrious class ships and dont alter the design later.
My choice would be to order another Ark Royal and to convert Vindictive and one of her sister ships. Argus is not fit for active service and the Hermes is too small. Eagle can get by as an escort but is too slow for fleet work.
The historical RN construction program:
1934, 56.6m, 1 aircraft carrier, 4 6in cruisers, 9 destroyers, 3 submarines, 2 sloops, 2 patrol vessels, 2 minesweepers.
1935, 60m, 3 6in cruisers, 16 destroyers, 3 submarines, 1 sloops, 2 patrol vessel, 3 minesweepers
1936, 70m, 2 battleships, 2 aircraft carriers, 2 6in cruisers, 5 5.25in cruisers, 18 destroyers, 8 submarines, 2 sloops, 1 patrol vessel, 3 minesweepers
1937, 78.1m, 3 battleships, 2 aircraft carriers, 5 6in cruisers, 2 5.25in cruisers, 15 destroyers, 7 submarines, 3 sloops, 3 patrol vessels, 4 minesweepers.
1938, 93.7m, 2 battleships, 1 carrier, 4 6in cruisers, 3 5.25in cruisers, 3 fast minelayers, 3 submarines, 1 aircraft maintenance ship
1939 69.4m, 2 battleships, 1 carrier, 2 6in cruisers, 1 fast minelayer, 16 detroyers, 20 hunts, 2 sloops, 56 corvetes, 20 minesweepers"
Then there is the Tentative Fleet Plan
"Tentative Fleet Plan
18 Battleships (5 KGV, 5 Vanguards, 8 Lion)
8 Fleet carriers (inc one training)
5 Trade protection carriers
8 8in Cruisers (treaty 10,000 ton type)
37 large 6in cruisers (Belfast & Fiji types)
18 Small cruisers (eventually Didos)
2 Fast mine layers
24 Tribal class destroyers
90 J onwards type
3 AA sloops
37 MS sloops
13 Costal sloops
To be laid down 1936-1945
1936 1 fleet carrier, 1 trade protection carrier
1937 1 fleet carrier, 1 trade protection carrier
1938 1 fleet carrier, 1 trade protection carrier
1939 1 fleet carrier, 1 trade protection carrier
1940 1 fleet carrier, 1 trade protection carrier
1941 1 fleet carrier
1942 1 fleet carrier
1943 No carrier construction this year
1944 1 fleet carrier
Hood, Nelson, Rodney, Renown, Repulse and 3 QEs to be retained"
Based on those, merging trade protection with the role of Unicorn gives a way to get some CVLs laid down in 1938 and 1939, whilst bringing forward the Implacables in the manner mentioned previously
A repeat Ark Royal would be nice, but by 1937 perhaps the better option is the development of Illustrious and Implacable classes.
Re-converting Vindictive and converting other Elizabethans would need to be weighed against how soon they could be in service, their cost and their relative value as compared to larger trade protection carriers.