Yes. Very though provoking. Today we live in the safest time recorded by history. Conflict, especially major conflict is at its lowest. That's not to say it won't remain that peaceful, but today, diplomatic relations between countries and liberal institutionalism have created a relative "peace" never seen before.
So, why spend more if there are "no votes in Defence"? Adequately configured Armed Forces are vital but that must be driven by a not-overly-ambitious Defence Policy. Cut the fat out of costly, slow procurement and that 2% may go further than you think!!