The bottom line remains, if we want to be a third world country unable to project our influence around the world then cut spending on Defence to 1% of GDP and scrap all of the expensive programme in place or about to be put in place. If however, we still want to be a world player, and remain on the UN Security Council and be able to protect our interests around the world then retain the current plans - oh, this will also keep millions of hardworking britons in work and help feed the economic revival.
A few what ifs:
What if China starts to exercise its economic and military superiority against the west in order to expand its interests - particularly to gain natural resources (including water)
What is the Soviets simultaneously do the same.
What if Israel takes action against Iranian nuclear power assets and the result is Iranian agression and Iranian sponsored terrorism worldwide
What if N Korea invades S Korea
What if we find enormous reserves of oil off the Falklands (quite likely) but then we are unable to defend our interests against another Argentinian Invasion.
What if we need to protect essential assets such as the gas pipeline from Norway, North Sea Oil assets, and all other similar off-shore 'stuff' when our naval and maritime air assets have been decimated.
I could go on - we all know the muliple scenarios that could/may occur. We are heading towards being a military neuter and I do not like that! If all other friends do this, we will be poorly placed to defend ourselves and our interests at home or around the world.