The problem here is that successive governments keep cutting the armed forces bill and the big projects always suffer, but then the government always wants our forces to be the best with minimal equipment which invariably is outdated before comes into service. The SA80, JSF, Clansmen are typical of government projects that have been overmanaged, over run and over budget. Don't even go there with TSR development, Polaris, or Nimrod. The fact that during WWII we developed the Cromwell tank from design to production in under 9 months mean that it can be done. Look at the AK47, a superb weapon designed by germany, improved by Russia and manufactured by mass production methods simply and cheaply around the world and shot by peasants! What needs to be done is a government that buys the equipment that is needed by the forces BEFORE they send them off to all corners of the earth to do a job that should have never been allowed to escalate to a situation where the forces need to be deployed!
The 2 carriers will be built, but will they have their airwings??? Probably, but my guess is they will do what they have done with the Harriers. A joint RAF/NAVAL strike force. Don';t forget that the Navy has no weapons dumps of its own, they are all run by the Army now, and all mu8nitions are delivered by Army trucks to the dockside for trans loading!!! Progress.