There is the potential for funding to go up, which is good, but at the same time the Chancellor will continue to play hardball on the need for efficiencies (probably rightly) and there also seems to be a clear expectation of some rebalancing - augmenting capacity is some areas while reducing it on others. This quote from the SoS statement makes that explicit:
"While the major elements of our plans for Joint Force 2025 remain the right ones, in order to secure competitive advantage over our potential adversaries we need to ensure that we can move quickly to strengthen further our capabilities in priority areas and reduce the resources we devote elsewhere."
So we have the potential for "winners and losers", and plenty of ways to skin this particular cat - difficult to know where that might lead. Fortunately the statement also acknowledged the need to retain a need to act in isolation where necessary, even though we'll normally act in concert with others.