If you listen to what Hunt actually said, which was;
“both the Prime Minister and I see the need to increase defence spending, but we think it right to not agree the level of commitment until after the publication of the Integrated Review refresh. So I have asked that the refresh be complete ahead of the next budget.”
So, apart from me thinking that they had previously announced that the refresh would be complete before the end of the year, it seems that it could have been a lot worse.
And of course not doing anything till next Spring means that the retirement of Hercules and Tranche 1 Typhoon will still go ahead.