Judging by the majority of the threads on Mil Aircrew then I would suggest (with tongue firmly in cheek
) the following...
Trade in Typhoon (keep a few for the Memorial flight), scrap the rest of our current FJ fleet, and buy Vulcans, Sea Harrier, Jaguar, Lightning, Buccaneer, F4, Canberra. Make sure they can all operate off aircraft carriers. Downgrade all current rotary assets to previous versions.
Scrap RAF Regt (the Army will cope just fine...), Movers (use Heathrow / Gatwick / Stansted etc as airheads), RAF Police (don't need them 'cause we're all good boys and girls) and PTIs (we can be trusted to keep fit)
Give everybody "flying pay".
Move all trades onto High Band.
Reintroduce the three year Cranwell officer training.
Bring back the JT rank.
Make flying suits normal working dress for everyone.
Disband MOD Air Staffs, AIR CMD, Groups etc. Give station commanders all the money and let them do as they wish.
Any money left over can be used to create a full hospital capability (inc opticians) at all units (regardless of size).
I'm sure there are more good ideas out there ....