Cuts
Get rid of 1 2 and 3 Groups and all their staff and merge their roles into HQSTC.
Get the army to stop moving around the world with their own precious collection of tanks and vehicles and introduce the concept of handing over the inventories to the Brigade (or whatever) that is replacing them. This would save a fortune on hiring container ships to ferry the 3rd Foot and Mouths personal land rovers to Iraq and back.
Cancel the carrier programmes. Why on earth do we need 2 enormous carriers when we have already conceded that we won't go to war without the Americans again.
Get rid of the Apaches (chosen with all the logic of a small boy in a toy shop picking the most expensive toy).
Stop wasting money on new uniforms (primarily for ORs) and spend the money on improving accommodation.
Stop producing career managements leaflets, air power CDs, equal opportunity flyers, mission statement boards and spend the money on air power instead.
Merge the RAF Police and RAF Regiment into one Force Protection unit
Merge the flt ops branch with....well, anything really.
Erm
Pauses for breath