Alternatively there's "mothball the fleet and let the US do the sea fighting for us." approach.
These days, it seems that it's all about projecting power without the use of nuclear weapons. Therefore, SLBMs are slowly becoming un-nessecery. Of course, they're still needed as a retalitory strike weapon, so long as nations with dubious intents posess the levelling technology of the nuke.
However, the first main problem the UK should address, is the fleet air arm, or lack of. We need that JSF air cover, and a few new carriers wouldn't go amiss. Our attack subs are still in quite good shape, especially now that our main threat is not coming screaming out of the Barents, but slowly plodding its way through the China sea, or out of the Straits of Hormuz....we could do with some new ones...but, we need improvements to our surface fleet first.
IMHO, Britain needs to do what the US did during the two world wars, pull out of everything, regroup itself, reorganise itself and build itself back up into some kind of decent shape. We held the fort whilst the US built itself up, now it's their turn to hold it while we take time to reorganise ourselves, I'm sure they are quite capable of doing it, and its not as if we'd abandon them completely. Plenty of Americans helped us in the European war before 1941, so we'd have some troops to help them where needed....but Britain is a bit of a mess right now, particularly in the military's sense.
We need to sort it out...now...before we're caught with our pants down.
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