Sunk
If we were keeping to SDR mandated force levels (including 32 frigates and destroyers, 10 SSNs, 21 Nimrod MPA) then you would be entirely correct. However all these things have been cut, despite all being heavily commited to the war on terror.
An underwater reminder:
Telegraph Story
China's Song-class diesel-powered attack submarine shadowed the USS Kitty Hawk undetected and surfaced within five miles of the aircraft carrier on October 26, the newspaper reported, citing unnamed defence officials.
How many nations have diesel subs?