Bit of a silly discussion really.
What matters is the relative strengths of our military capabilities, rather than just how much less we have than last time we went at it.
They have nothing new since last time, minus a carrier, a cruiser
a sub and lots of aircraft etc.
We actually have, in many ways, a vastly superior fleet from the one that went down last time. We could do with SHAR certainly, but in terms of air defence, strike and amphibious capability we are far stronger.
Phalanx, Goalkeeper, Seawolf, Ocean, Bulwark, Albion, Type 45 (ish
) sub-launched Tomahawk (no need for Vulcan, and it might actually do real rather than political damage) Lynx Mk8, Merlin, GR9, Defensive aids on A/C, Vikings, hugely enhanced and enlarged SF, Smart bombs, Seaking 7, troops with decent kit, GMLRS, ships with modern damage survivability, the list goes on.
I have to say that given the chance to go back in history and choose which fleet to send, if I had the choice, I would send our much smaller but more capable one.