Not sure it would be a small difference, it may not include a massive number of CVs but the RN is likely to get at least 4 fast battleships (G3s) if not 8 or 10 to match IJN (N3s or repeat G3s), with maybe IJN having added upto 10 weaker ships (T&K, then some of the 8 Kii/Amagi class?) and the USN upto 13 more (1C,6SD,6Lex, maybe a few later if others build 10 ship).
That's not a huge number of new ships 4-8-10 ? (21-31 ship total) maybe compared to the 15 ships allowed by LNT (21 of WNT) but if you consider that only 3 (H, R&R v at least 4 new) of them are fast and only 2 (different ships N&R v all new) would be of comparable fighting power its a significant advantage.
This is to the benefit of the RN as its ships are bigger and newer design than the IJN/USN even if the USN compensates by its larger number of ship.
It also benefits the RN as the other potential opponents (Germany/Italy) are not really included in the arms race (as with France) so its margin of superiority is greater and it can still use the old ships in reserve to cover some areas.
It will be in a better position to build more in late 30s and is unlikely to build 14" ships so can just build a class of 'Lions' fast pre war.
I think this requires its own thread
While the UK would certainly struggle to maintian an Arms race in the early 20s - Japan would fail a long time before the UK (regardless of earth quakes)
I could imagine that the UK would be left with some N3s / G3s and possible all 4 Admirals but no Nelrods
Once the steam goes out of the Race I can see as others have mentioned Britaina nd USA having a private agreement and Britain getting rid of or mothballing some of the older ships