Considering they invented it, why did the British fall behind in carrier devolpment?

Considering the British invented the Aircraft Carrier and had a considerable head start, why did they fall so far behind compared to the United States and Japan? The Royal Navy was still using biplanes while the other two had developed proper carrier aircraft, and emphasized the carrier’s role in the fleet more. The Royal Navy’s poor use of carriers seems born out by the fact less than a year into the war they lost two fleet carriers, one on anti-submarine patrol and the other being intercepted by battleships.