Given commerce raiders cannot match captial ships in a stand up fight Britain will just leave its battle and cruiser squadrons based all around the world to guard naval chokepoints and thick shipping routes and blockade coaling stations and bases both in Gewrman and around the world. Given that German commerce raiding ships are unable to conduct a stand up fight against captial ships they will do what damage they can then then either be bought to battle and be destroyed or be interned in neutral countries. Closer to home British ability to defeat any German ship in home water in stand up battle will bring the naval war to the German coast, leaving the Germans thinking how stupid they were for not building a battlefleet.
Battle cruisers were about 25% more expensive than battleship by ton, if memory serves. Historically, the HSF built 7.5 BC's (Blucher, VDT, 2xMoltke, 3 Derrflinger, Seydlitz) and 17 dreadnoughts of 4 different classes, for 24.5 capital ships. Assuming the 17 dreadnoughts turn into 8 dreadnoughts and the rest as BC's, that's 7.5+(9/1.25=7.2) = 14.7 battlecruisers. If an average German BC was 22,000, that's about 325,000 tons of capital ships. They need to double their range, so call it 30,000 tons each instead of 22,000 tons, or 11 BC's in the fleet capable of, say, 10,000 nm cruising.
The RN needs 12 dreadnoughts to counter their 8 German counterparts. For the 11 BC's, they'll need 16 in the British Isles, 16 in the Americas, leaving the South Atlantic and Indian Oceans undefended. 32 British BC's = 40 dreadnoughts. Total requirement is equivalent to 52 dreadnoughts. Total British builds by 1914 were 10 BC's and 25 dreadnoughts, (including purchases and theft of foreign dreadnoughts building in Britain), for a total of 35. The RN has only 2/3rd's of the required forces.