It is sad to note the number of projects from the 1960's that would have given UK an edge over many airforces have been hampered by politics. The BAC TSR.2 comes to mind. Similarly not acquiring a replacement for the Vulcan bomber firmly placed the UK dependence on the USA to provide stratagic bombing. Also I read about the ill-fated Hawker Siddeley supersonic version of the Harrier. Now we have JSF which UK was initially part of, but withdrawn from the project I think. The thing is RAF could have had this capability in the 60's.
I agree if Argentina were to repeat the Falkland invasion anytime soon who knows how the outcome will be this time around. Especially as UK forces are spread thin over Iraq and Afganistan. I can not understand why politicians want to cut defence spending and at the same time land troops in combat situations.