You can't knock Jacko & BHR for suggesting what many in town are also whispering. However, you can question whether that logic holds up.
If we assume that someone else will always be there to do the "difficult" bits, then you can pretty much wish away all the RAF, less three AD squadrons for UK AD and the AT & SH fleets. All that UK plc needs to do is pitch up with the requisite amount of Percy to deal with the unpleasantness and a few SH & widebodies to get their kit to theatre and support them there. The RN would similarly retrench to a few OPV and MCMV. Loads of money for skoolz n ozpituls.
The problem is that every time such assumptions are made, based on "what the world looks like now" they are invariably wrong. We know that nobody was thinking of doing an unsupported amphibious assault way OOA in 82, because we all thought we'd be fighting a massive air / land war in CENTEUR with a big ASW op to support REFORGER. You can guarantee that no-one in 1UK Div (or 2 or 3 for that matter) were planning on fighting an armoured campaign in the desert in 1989. We nearly binned the heavy armour in the 90s, as we'd always be doing Peace Support ops a la Bosnia / Kosovo and that would have put the mockers on TELIC. Even though 3Cdo are a tad ambitious, I don't think they planned on assaulting a hostile country with heavy armour L,R & C through a very small front until they were told to get on with it. The point is, if we wish to play globally, then we had better have the resources to do it - or leave it to the new players on the block.
BTW Jacko, I think it's a tad harsh to point the distortion of the EP at CVF. If you add Typhoon, Nimrod, ASTOR, FSTA, A400M, Meteor and half JCA together, then I think you get quite a bit more distortion than £3.6Bn over 6 years.......