NaB, I accept that I am talking about the original requirement up to about '98 but nevertheless that was what the budget was originally planned around. Increases in CVF budget since have been at the expense of some other projects.
The requirement was originally for a floating runway and no more. A Flat top commercial hull essentially. The combat power was to be invested in the aircraft, not the hull and the operational control of the air assets was to be driven from the accompanying T45. There was to be no Flag/ JTFHQ facilities either (indeed there was a proposal for a conversion of Ark Royal to a USS Mount Whitney type Command ship). I am sure that much has changed and that operational realism may have dictated some changes but I don't accept that there hasn't been requirement creep without accompanying budget increase to match.
Still no one has countered the issues surrounding the lack of AAW & AEW, the lack of utility with a limited weapon outfit that can't have reloads RASed, or the difficulties that the Defence budget will have in funding the Carriers at the same time as funding significant N reactor and weapon development.
Don't get me wrong, I would really like to see the CVF happen but I just don't think it will.