Britain's last generation of battleships emerged in the 1930s to the backdrop of a fading Empire. Industrial production had fallen sharply since the First World War, and Britain's economic position was poor. These constraints shaped the nature of Britain's last battleships - a continuum of designs that culminated in HMS Vanguard, completed after the war when a near-bankrupt Britain had to confront the reality of a lost empire. These ships have been criticised for being less powerful than many of their contemporaries, notably US battleships of the day; but when seen against the background of financial and industrial constraint, they are revealed as being far more capable than history usually gives credit.