Jackie Fisher has always been an inspiration to me, even though some of his ideas were flawed he dared to think them in the first place and carry them through to completion. If only he had been around another twenty to thirty years (he died in 1920) one can only imagine how different the RN would have been at the start of WW2.
The Pre-WW II RN was a product of 2 things:
1.) The Washington Naval treaty
2.) Post WWI British financing
After WWI, the British economy went from a lender to a creditor nation. It simply did not have enough money to keep the 2 power standard. The Washington treaty was a god send in that it artificially kept the RN dominance.