WI: SDR 1997 decides that carriers are too expensive?

The Queen Elizabeth -class carriers are slowly coming online, fine ships, but due to their large cost rest of the RN has been gutted. WI SDR 1997 decided against carriers and decided to commit on, say, larger fleet of multi-purpose surface combatants and VL-tubes for Astute-class submarines for strike and air defence, and perhaps two less ambitious ships a la Conte Di Cavour or Juan Carlos?

Woud RN be better or worse off?
 
Assumes that you would get additional ships in place of the the two new CV(H) / Invincible style vessels - not at all guaranteed.
 
Assumes that you would get additional ships in place of the the two new CV(H) / Invincible style vessels - not at all guaranteed.

Conte Di Cavour and Juan Carlos seem to have had cost of around 1 billion GBP. Assuming two 1 GBP ships it would leave around 4 billion GBP extra cash. Maybe a few extra Type 45's (should be cheaper if procured in larger quantity) and better armament for Type 45's.
 
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