I believe their are savings (efficiencies) to be made by having the whole fixed wing cadre in the RAF.
Impinger,
Agreed that the in the short term it would reap benefits. But as can be seen from the 1918 to 1937 experiment it actually damaged both services in terms of operational ability and recruitment/retention. The Navy started WWII with Aircraft that were not up to there intended use because the RAF had decided that shore based airpower was the way ahead. Also it only takes one CAS to not fully appreciate the concept of Airpower in the Maritime environment and it would be curtains for Naval Aviation.
Personally I think the current situation is the best way forward. It doesn't matter who owns the Aircraft (Lets face it they're all own by the UK TAxpayer anyway) I would however like to see less cross pollination of personell within JFH as i'm pretty sure it's the root cause of its retention problem.