This article on El Reg makes for interesting reading
http://www.theregister.co.uk/2010/10/20/comment/
On section that stood out, in light of the cuts being made, is the projects that will continue
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The idiotic, wildly expensive A400M transports will continue - when much more cost-effective C-17s and C-130Js are to be had for the asking. The expensive, useless Future Lynx (aka "Wildcat") light chopper, partly UK made, will live on. And perhaps the greatest boondoggle of them all, the Future Strategic Tanker Aircraft (FSTA) deal, remains untouched.
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- so that the final section in the article, regarding acquisition of Chinook helicopters, boggles the mind against that background ...