Concur. What is wrong is that the RN as a whole failed to plan properly for the required expansion of the FW community, MoD as a whole has failed to fund adequately any of it's capabilities, with the possible exception of Health & safety, equal opportunities and corporate branding........This has much to do with the ability of the MoD to undertake proper costing studies and understand the implications of both risk and contract change.
The problem with "taking risk" or "capability holidays" is that sooner or later, left to those in DEP and the PUS organisation and often DEC as well, they become permanent assumptions. Ditto "delay" sooner or later becomes cancellation. For example, were a delay to CVF to be contemplated, the new shipbuilding JV would (rightly) cry foul and the price would increase. The existing ship and aircraft may be able to extend to cover the gap, but equally likely may not. Delay likely to equal gap = eventual cancellation. If anything could be delayed, it might actually be Tranche 3, as there are 100+ jets delivered or on order, apparent interest in export sales to keep the line going and the programme cost of Typhoon dwarfs that of CVF - OK large chunks of it already committed, but thats what cashflow management is all about.