Surely the cuts will fall mainly on the army? Of all 3 services, they are clearly ripe to be plucked (over). Remove a regiment of Challengers, chop the Apache programme, get rid of the antiquated regimental system and reinvest the surplus funding into the 21st century method of warfighting - airpower.
Sorry but unless you,ve got troops on the ground air power is only a minor irritant, remember the USA tried that particular ploy in Vietnam. Big fat Freddy...