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Yep we've had cut back everywhere military, public services etc....

HMS Queen Elizabeth: Britain's new aircraft carrier in detail

http://www.telegraph.co.uk/finance/newsbysector/industry/defence/10723462/HMS-Queen-Elizabeth-Britains-new-aircraft-carrier-in-detail.html

I kind of liked the UK strategy here... While the US is still a strong ally, take advantage of the opportunity and invest in the future... The US seems to be ebbing a little and when it hits a critical level, I think the UK will have its shields back up...