Geoff Hoon was on TV this morning pledging to maintain the 2% spending target should the Tories win the next election. IIRC investment is Trident is separate from general defence spending and that George Osbourne has suggested integrating both budgets. The cynical part of me anticipates that this will happen after the election meaning that the Tories will still be able to claim that the 2% is being met despite this tactic requiring further spending cuts and a lowering of the overall defence bill when both budgets are combined.