What we do have is the worst possible value for money in terms of quantity of men and machines from the defence budget.
What we also have is much better quality than many other armed forces. It is easy to think the opposite because every issue or failing in the equipment supplied is jumped on by the media. That does not happen in other countries, not necessarily beccause they don't have such problems, but because there are so many problems they are not worth reporting.
Personally I think that some of the MoD standards are too high in terms of the performance vs cost trade-off, and I don't think I am alone, but generally I would choose the better quality because we take fewer casualties that way.
I note that we learned a lot of expensive (in every way) lessons in 1982, many that have not been learned in other forces. To my mind, one of those was the need for good AEW- hence I vote CATOBAR