You could also argue that NATO is our most important priority, and it needs the ability to protect transatlantic reinforcements - for with a carrier provides multiple ASW helicopters with dipping sonar to work with the frigates with towed array sonar, and fighter aircraft to act on conjunction with surface warships.
We have enough ships to put together a strike group on our own, but in the NATO theatre allies would contribute frigates/destroyers, and submarines. There are other NATO tasks too, and the ongoing commitment to the Arabian/Persian Gulf. We also have CASD to support.
Army and RAF assets are also dual hatred and part of the 30/30/30/30 plan.
Are we willing to contribute less to NATO in order to increase our Indo Pacific presence?