英露協商
Between the launching of the "Invincible"s to just after the outbreak of the First World War, the battlecruiser played a junior role in the developing dreadnought arms race, as it was never wholeheartedly adopted as the key weapon in British imperial defence, as Fisher had presumably desired. The biggest factor for this lack of acceptance was the marked change in Britain's strategic circumstances between their conception and the commissioning of the first ships. The prospective enemy for Britain had shifted from a Franco-Russian alliance with many armoured cruisers to a resurgent and increasingly belligerent Germany. Diplomatically, Britain had entered the Entente cordiale in 1904 and the Anglo-Russian Entente. Neither France nor Russia posed a particular naval threat; the Russian navy had largely been sunk or captured in the Russo-Japanese War of 1904–1905, while the French were in no hurry to adopt the new dreadnought-type design. Britain also boasted very cordial relations with two of the significant new naval powers: Japan (bolstered by the Anglo-Japanese Alliance, signed in 1902 and renewed in 1905), and the US. These changed strategic circumstances, and the great success of the "Dreadnought" ensured that she rather than the "Invincible" became the new model capital ship. Nevertheless, battlecruiser construction played a part in the renewed naval arms race sparked by the "Dreadnought".