Splendid fishing expedition - "Indeed, why should it be?"
Taking things right back to basics, if you found a nation, the first thing you have to do is defend it. Everything else is built from there. Education, health, pensions, social services, none of this is of any priority if your nation is under attack. The UK has been under attack from terrorism for pretty much the whole of the last 45 years. Not to mention war with Argentina and colonial disputes (e.g. Sierra Leone).
Then there's the small matter of large numbers of British expats influencing the world's industries in places that might become a tad warm. Of course they could all be warned off and brought home, but then the world influence diminishes, and the UK comes under political attack.
Despite all of this, if one still believes there is no threat to the UK or its interests that require a robust military capability, then by all means cut defence spending. Again.
How's that for a bite?