How about this as a possible TL.
With tensions mounting in Europe in 1912 the Royal Navy laid down the first of what would become the Queen Elisabeth class battleships, revolutionary in many ways thanks to their heavy guns and oil burning engines they would start joining the fleet from 1914 onwards. At the same time concerns about the growing strength of the German navy were rumbling around the Admiralty and halls of Government.
In April 1912 a report reached the Admiralty obtained by agents working in Germany, it detailed the Germans latest battlecruisers, supposedly a 33,000 ton monster with 14 or even 15-inch guns was being constructed and this sent a surge of alarm through the Admiralty.
Whilst the newest Battlecruiser, HMS Tiger was a formidable ship, she would be inferior to the new German vessels in terms of firepower and protection. And if the Germans were able to built more of these new vessels then they could well sweep the Navy's battlecruisers from the sea.
With the budget for 1913/1914 already being looked at, an answer was felt needed to rise to the challenge of the German battlecruisers. A huge row would erupt, not aided by the fact that someone leaked the details to both Churchill and Fisher, both of whom spoke to friends and colleagues in Fleet Street.
Eventually with the 1913 budget a change was proposed in the building plan.
The planned Revenge class battleship would be cancelled and construction not started.
Three more Queen Elisabeth class ships would be laid down in their stead, bringing the total to eight.
Slips would be prepared to construct five new battlecruisers with one funded in part by Canada and would be commanded by a Canadian officer, much like HMS
Australia and HMS
New Zealand. Construction on these new battlecruisers would start in 1914.
In April 1914 the final design was completed for the new battlecruiser. In part based upon the hull of HMS Tiger, the new ships would feature the successful 15-inch Mk1 gun of the Queen Elisabeth class and like those Dreadnoughts, would be oil burning. Wanting as high a speed as possible whilst retaining good protection the DNC successfully argued for the introduction of both geared shaft turbines and small tube boilers for the new vessels. He argued that if they retained their current machinery, then they could have speed or protection, but with the weight saved from the new boilers, which were already in service on cruisers and destroyers, the weight could go into the ships protective scheme, giving the design the combination of speed, firepower and protection the Admiralty wanted.
The first ship, HMS Revenge was laid down three days after the Archduke of Austria-Hungary was assassinated, and two of her sisterships the Renown and Repulse were laid down two weeks later. The final two, Royal Oak and Ontario would follow in June and July. With the outbreak of war and thanks to Fisher and Churchills influence, resources were thrown at the eight new ships under construction. The three new Queen Elisabeths, HMS Agincourt, HMS Royal Oak and HMS Glorious would complete between 1915 - 1916. The new Revenge class battlecruisers, delayed slightly by bottlenecks in gun production, started to join the fleet in late 1915 and by the 31st of May, HMS Revenge, Renown and Repulse were part of the battlecruiser fleet, whilst Ontario was on her trials. Royal Oak would not finish until 1917.
The rush to produce these vessels stymied and canceled First Lord Fisher's plans for a 'large light cruiser' the design of which died on the drawingboard and after he left the Admiralty any plans for such large vessels of that type was permanently cancelled.
The super battlecruisers the Germans were building never actually emerged, it turned out that an agent and his handler, both looking for advancement exaggerated the details of the Lutzow class vessels, as well as mixing up rumors that the Germans were working on a 15-inch gun that would eventually see service on the Bayern class, instead thinking they were bound for the Lutzows.
With the Battlecruiser fleet becoming so large a formation, it was decided to split the command, much to Admiral Beatty's chargrin.
1st Independent Battlecruiser Force as at 31st May 1916
Flag - HMS Lion
HMS Queen Mary, HMS, Princess Royal, HMS Tiger.
HMS Revenge, HMS Renown, HMS Repulse
Attached from Grand Fleet
5th Battle Squadron
HMS Queen Elisabeth, HMS Valiant, HMS Warspite, HMS Barham (HMS Malaya under repair following her being rammed by HMS Lawford).
2nd Independent Battlecruiser Force
HMS Invincible - Flag
HMS Australia, HMS New Zealand,
HMS Indomitable, HMS Indifatigable, HMS Inflexible
The 2nd BCF was attached to the Grand fleet, all six ships recently having completed gunnery training in Scapa Flow, hence the attachment of the 5th BS to the 1st BCF. Both HMS Royal Oak and HMS Agincourt would also be part of the Grand Fleet, whilst HMS Glorious did not sail due to condenser issues that prevented her from raising steam properly.
These two powerful ships were with the Grand fleet and not the 5th BS because they were brand new, with crews still becoming accustomed to their vessels. It was felt that it was safer to have them with the slower Grand Fleet and not push ships barely out of their trials too much with the BCF, this was also in part due to hindsight.
At Dogger Bank the brand new Tiger had performed poorly, with her crew and ship itself still on their shake down. Not wishing to repeat such problems, the two newest Queen's would stay with the Grand Fleet.
Fortunately the three R's attached to the 1st BCF were fully shaken down, having all missed Dogger Bank and then spent the period in between training and sailing. All three being noted for their good gunnery although the title of best gunnery ship in the Battlecruiser fleet was still held by HMS Queen Mary.
The attachment of the 2nd BCF allowed Admiral Jellico to leave the first and second cruiser squadrons behind, much to Admiral Arbuthnot's disgust, his anger was so great that he complained in the press about it, an action that caused a small storm in the Admiralty and Parliment before he chose to retire for 'health reasons'. In truth he was dismissed, only standing down due to threat of courts martial.
The Post War Era.
After the Great War ended, the United Kingdom was in poor financial straights but was militarily strong. A planned successor to the Revenge class had been laid down in 1917 but construction was very slow and all three were still little more than empty hulls by 1918 when construction was halted whilst their future was debated.
At the 1923 Washington Naval Treaty the Royal Navy saw its great strength reduced. All remaining 12-inch gunned ships would be disposed of, either scrapped or sold. The 13.5-inch armed vessels would likewise be scrapped or sold with only two ships, HMS Iron Duke and HMS Tiger retained as training vessels in a semi-disarmed state.
All eight Queen and five R class ships would be retained but the three Admiral class vessels under construction would be halted and were selected to be converted into aircraft carriers. The UK would also be allowed to complete 3 x 16-inch gunned vessels to equal those being built in Japan and America.
Whilst the HMS Fearless, Furious and Dauntless would eventually enter service in 1921 - 22 as large aircraft carriers the new 16-inch gunned battleships didn't join the fleet until 1923, these ships, Hood, Nelson and Rodney would have a conventional layout and like the Americans would do, used some creative accounting to exceed the treaty limitations by 3000 tons which was worked into their armour and engines, giving the ships a 25 knot speed which matched the Queen class vessels.
Thoughts and criticism are most welcome!