Cutting the UK armed forces

The Powers That Be appear to have decided to cut thew British armed
forces, if this article:

http://www.guardian.co.uk/military/story/0,11816,1066448,00.html

is to be believed. The cuts appear to be GBP 1 billion, mostly in
equipment procurement, over the next decade (the article makes it
unclear if that's for all 3 services, or GBP 1 bn for each
service).

The army looks likely to lose body armpour for infantry, and
"battlefield internet" network capability; the air force might see
reductions in the number of Eurofighter Typhoon aircraft ordered;
the navy might lose one or both of its new aircraft carriers, and
the order for Type 43 destroyers reduced from 12 to 8.

Are these cuts wise? If you were making the cuts, what would you
cut?

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