Carriers to be completed because cancelling them would be more expensive, but without the air groups that are the carriers' sole reason for existing, because they would be too expensive.
In return the Navy is to lose its existing carriers, three old Type 42s, two old attack subs and three Type 23s, and the SSN and Type 45 procurements are slashed.
However it has not been able to shed the amphibious capability that the "blue water" school has been trying to get rid of for years.
The Army gets to keep most of its main battle tanks and heavy artillery, the Air Force gets to keep most of its Tornados and manages to prevent the other armed forces from developing their own integrated air arms.
Dear God. What a complete, unutterably futile and typically British shambles.