I could see them dumping everything but some Search & Rescue helicopters and buying some cheapo MPA's. The navy would be patrol boats only - and new orders for the Clyde yards as well. Run the Army down to 8,000 mainly on attachment to the UN and the remainder to march up and down for the tourists.
If you don't intend to fight any wars, and you're not going to be invaded, you can save a shed load of cash "to build bridges to nowhere" to quote Mr Khrushchev.