Apart from the financial implications, does there not need to be a framework for a strategic review to have any utility?
Given the current Brexit mess, plus the parlous state of NATO, is such a framework even plausible?
In the financial community, investing under uncertainty is a well studied topic. The recommendations are usually to sell the losses and let the winners run. Sadly in things military that is just 100% wrong, weaknesses must be fixed.
Translating that into the national context, border control would seem to be an obvious weak point, while the front line military are excessively capable.