It’s pretty grim:
- Scrapping the existing carriers.
- Scrapping the Harrier fleet.
- Replacing the 138 F-35B STOVL with somewhere around 50 of the F-35C carrier variant.
- The two carriers will be built, but one will not be fitted with catapults or arrestor gear, and so will never carry airplanes.
- Scrapping the nearly new Sentinel surveillance aircraft as soon as they are back from Afghanistan.
- Reduce MoD civilian staffing by 25,000 and military staffing by 17,000.
- Canceling the late and over budget Nimprod MRA4.
- Delaying a new SSBN.
- Significant cuts to the surface fleet.
- Speeding up the return of troops based in Germany
From a pure perspective of governance, you have to give the Tories props: When they said they would cut the budget, they applied this to the Ministry of Defence as well, which is, at least consistent.
Realistically, these cuts mean that, outside of low intensity UN peacekeeping missions, the British will be incapable of engaging in an operation independently of the US, but that has been the political reality since Suez in 1957 anyway.