As things stand, that's not a bad set of priorities. The defending Europe bit highlights what will NOT change as a result of Brexit.
We have some difficult decisions ahead and we need to be realistic that more money is not coming our way. For the majority of the British public, the amount of GDP we currently allocate to Defence is generally considered sufficient. I see no public marches demanding we cut the NHS to pay for more Defence.
Our problems have come from committing to buy too much capability for the budget we have available. The 'conspiracy of optimism' that Bernard Gray reported on is alive and well in the MoD. If we were given another £10Bn a year, within a decade we would be faced with the same issues.
Until we break our habit of overspending, we are always going to suffer.