Calm Down
All they've announced is a Green Paper. The Defence Review itself wont happen until after the election.
UKPLC is broke. Deliverance is probably right - we can afford about £30Bn. So what do we [U]have[U] to keep doing, and what can we stop doing, and how much do these things cost?
I suspect that, if we keep a submarine-based deterrent, our conventional capabilities will be reduced to a zoo's worth of paper tigers. By which I mean, we will have to give up any realistic of prospect of being able to act independently, or lead a coalition, against any force more capable than the West Side Boys.