I think vec's on the right lines. All the bitching about the Reds and the odd chef is irrelevant - it saves peanuts. Similarly, closing bases would save very little if all you do is move the units to another location as you inevitably will have to build hangars/offices/SLA/SFA (and the MOD don't get to pocket the sales proceeds).
The only way to save serious dosh is to disband entire fleets and NOT replace the capability with something else. That way you save the personnel costs and all the DE&S overheads, which combined are massive. Chopping the odd sqn or two isn't enough.
The question is, which fleets?