...we need well-equipped, balanced forces, able to project power gloablly (sic)...
Do we? Why? To satisfy some political "Big Willy Syndrome"?
We are an island nation dependent upon imports to maintain our way of life. We face no truly global threat, but we must be able to defend our sea lanes from hostile action. We need to be able to prevent hostile aircraft flying in our skies. We need to be able to repel invaders - by sea or by air. A bit like Sweden or (apart from their lack of shoreline) Switzerland in fact.
If we are to have a Defence Review, the first thing it needs to look at is what our national defence needs really are. Getting us stuck in useless and expensive offensive operations in the armpits of the globe or looking after our own protection?