One has to work hard to not find evidence that the German Fleet Law of 1900 preoccupied the UK leadership.
Just look at Arthur Marder's Vol 1 in his From the Dreadnought to Scapa Flow [5 vols.]. In it, he devotes a chapter to "The German Naval Challenge, 1900-1908," headed by this:
There is no doubt that during those pre-war years the naval question loomed like a heavy cloud over the relations between England and Germany. We had absolutely no question at issue with Germany except the controversy of participation in the Baghdad Railway, and had it not been for the strenuous naval competition initiated by German, there was no apparent cause for disturbance in Europe for the next ten yers, and no need for the large naval programme that England was forced by Germany to adopt in order to maintain the security of our shores.
--- Lord Hardinge, Old Diplomacy
Marder laces his text in the chapter with pithy observations, as he wrote:
- The years 1900-5 witnessed a steady deterioration in the relations of the two peoples and the two governments
- Feeling in both countries was running so high that the alliance negotiations were doomed from the start.
- The 1900 program was executed silently, rapidly and systematically, without the the shipbuilding delays which were recurring in England. Between 1900 and 1905 twelve battleships were laid down and proceeded with swiftly. Fourteen battleships were launched in these years, only two fewer than the British.
- It was in 1901-2 that the Admiralty first became seriously concerned about the German Navy.
- Cecil Spring-Rice, the rising young diplomat, wrote from London of the 'extraordinary' change in English opinion. 'Everyone in the [foreign] office and out talks as if we had but one enemy in the world and that Germany.'
- An October 1902 Cabinet paper by Selborne went a step further. The Admiralty was now convinced that the German Fleet was being built with a view to a naval war with England.
- The upshot was that already, in the summer and autumn of 1904, talk of the inevitability of an Anglo-German war was in the air. It was at this point that Fisher took over the helm.