Insanity Rules
There may be no money, but what there is could (and should) have been spent in far better ways. The axing of Harrier instead of Tornado is insane. Keep our pocket carriers flying Harriers, keep a useful capability and keep the Fleet Air Arm in practice then recycle as Helicopter carriers, they would only need to ditch a couple more Frigates to pay for it.
Still at least they didn't follow Robert Peston's supposedly "sensible" idea that carriers are useless and we should switch a carrier for a Frigate order