Why does everyone quote Arnhem when they think parachutes (more troops arrived by glider than parachute) and forget Suez.
As for when the last time there was a mass paradrop, the US did one during the start of the latest Gulf war and the Boys from Hereford have buried expensive parachutes paid for by the British taxpayer in Afganistan since then.
So yes there is a need to keep the capability and if Mr Reed is pained by the Hercules in the circuit just wait till the A400M turns up - better sell your house now.