Just how could the RAF (not that they spend the money) actually have achieved better VFM at the time?
As there was a cash shortage it HAD to be on HP. There was not the amount of cash available for an up front purchase of 14 Airbus A330 aircraft, their conversion into tanker/transport configuration, simulators, new hangars, ground support equipment, training, maintenance and support. Now with 75% aircrew and over 50% groundcrew and contractor back up providing the rest, the RAF has a real meaningful capability.
What would you have cut at the time if you wanted to buy all that lot up front?