What development path did Great Britain take in the 1920s and why?

Great Britain, together with its allies, won a victory in the First World War and, as a winner, took an active part in the redistribution of the post-war world. This was the heyday of British colonial policy and the number of colonies was expanded. At the same time, the country had a very large external debt, and a significant part of the budget went to cover it. However, in relation to Germany, British policy was not tough enough, loyalty allowed Germany to strengthen and build up military power in order to try to take revenge.