Jackonicko. You don't even have to bother reading the Defence Assumptions. When the Minister of Defence appears on television stating that he can forsee no circumstances where we would go to war without the Americans that seems to make matters clear.
However as to whether or not binning the SHAR is a sensible cost cutting measure only time will tell. If we end up in a situation where they are essential and we haven't got them the cancellation will be pilloried. If that situation does not arise everything in the rose garden will be lovely (until the next round of cancellations).
As regards the money being there/not being there I suspect an equal, though related, problem is manning levels. Have the Navy got enough people to man the ships to carry the aircraft? Currently, on the published numbers, all the services are under their establishment figures and are having problems recruiting. It doesn't matter how many aircraft (or helicopters or ships or tanks) you've got if there is nobody to drive them or put fuel in or pump up the tyres. The problem with getting people to join is partly budget related (if a squaddie got paid 100k+ there would be a queue round the block) but as it is, other than the 'glamour' (e.g. pilot) end of the market people look at the pay and just say it isn't worth it.
(It will be interesting to see how many people say that they are currently overpaid. My bet is on none).