We should cancel our order for A400M European transport planes, and buy more C-17s and C-130s cheaply from the US.
The Navy should not be allowed its new frigates: instead it should purchase basic ships to act as floating bases for helicopters, Marines and Tomahawk missiles. The Army should likewise move away from tanks and artillery, and towards integrated air support. If the soldiers really feel a need for Apache helicopters once they have F-18s and Reapers, we could replace them: but we should buy straight from Boeing this time, rather than a job-creation scheme in Yeovilton.
If you really don’t want to close down the RAF, then fair enough – we can probably postpone that for a while. But the really important thing is to stop using the defence procurement budget as an industrial subsidy, and start using it for defence.
Reasonably brusque summary, no?