Force projection is great but how often do you need to fight the Falklands War or similar? It was 35 years ago for heavens sake.
Your Navy is bleeding to death day by day, every day from cuts and under-investment to the stage when the Iranians can do what the hell they like because you only have a single warship in the Gulf. Oh, yes - you're sending another so you'll have 2 there for 3 weeks....
The carriers are a straight vanity project - it'll be years before they can embark a serious number of UK F-35's (if they survive the forthcoming round of cuts)