On the (very cautiously) plus side, there is a bigger groundswell of support for more defence spending among MPs than I can remember, with even defence ministers going on the record as saying 2% of GDP isn't enough. I'm not starry eyed about what that will mean in practice but I think there is at least a reasonable prospect of some form of uptick in defence spend coming out of the current review. We'll find out at the time of the NATO summit in July.