This is of course a very good prelude to the SDR, which will need to consider where the UK goes over the next 10-20 years. This is a clear example of what future conflicts will be about...resources! It is not only the Falklands but South Georgia, South Sandwich, Ascension, Diego Garcia, Tristan da Cunha and most importantly, British Antarctic Territory. Whislt the former are all recognised in international law as British Dependencies, Antarctica is not and BAT is also claimed by at least 3 other nations. The country with a closely located deep water port, airfield, maritime and air capability will control these areas. We have seen already the posturing of Russia in the Arctic and it will be even worse dahn sarf! If we are to retain the rights to the fish, minerals and oil of all these little bits of the world, fought so hard for, over the last few centuries, then we must have a strong, global military or someone else will take them. We must not sell off the crown jewels. To cut now would be the very worst thing to do, because the economy of this country (UK) will very much depend on these outposts in decades to come.
We must have carriers with the aircraft to operate off them, we must have strategic transport including heavy lift, we must have world class aircraft able to exercise air supremacy and the ability to put boots on the ground with the capability to hold that territory.