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Last time so little was put by for defence and Pompey won the FA Cup World War Two broke out. Generally, I think Brown has built up the economy well, but he has a dogmatic aversion to defence spending and his team of the talents is lacking, in talent. Darling failed to target the U-turn on those worst off. He missed the moral point about cutting the 10% rate. Gordon should axe him and distance himself from this PR fiasco. Where is the talent to come from? I'm not confident in any of the political parties right now. The Tories may be leading the polls, but that is more a vote against the government than for the opposition team.

Tony Blair was just a little too quick and keen to implement US foreign policy. Look how much the US gained from being late in for both world wars. Trade is the war that never ends. As long as we maintain the industrial capability, the economy is the main priority. I'm not looking for 5% of GDP on defence. We do need to ring-fence the essentials however. We are feeding on seed corn right now. Red lines need to be drawn to prevent costly erosion of strategic industrial capability. The cuts have got so bad that I no longer care if we get the carriers, as long as we continue to build subs, ships, helicopters and aircraft, radars, sonars, communication systems, satellites and software suites at a sustainable rate. It isn't important that we fight the peace well, only that we are ready for if it ends. A sustained serial aircraft carrier programme would be better then a brief burst of two at once. I'm not sure how much you could slow down the drumbeat without losing any experience between vessels, but I am sure that unless we seek to do this we shouldn't bother with carriers at all.