So even you think the current funding levels for the UK military are OK.
God save us all.
Governments would have you believe that Wars like the one in 1940 could still happen. But conventional wars between developed nations will never happen. And there has been historically one use for a modern military funded by 2 percent of a nation's GDP:
proxy wars, of which the UK along with Russia are willing participants.
The reasons why full scale conventional war can't happen are for a few reasons.
1) Every developed nation has or is allied with a nation that has nukes.
2) Every developed nation is connected to the global marketplace, meaning to cause harm to a major trading nation will hurt your own people.
3) The people of developed nations are used to an extremely decadent lifestyle compared to the past and won't support conventional war if it means even the chance they could lose their Iphones.
The problem then is what to do with the institution of the military. If you tell a normal person that their job is getting phased out, they will pack their stuff in a cardboard box and go find something else to do.
Now try telling that to a person with a tank. No, he won't go quietly to pack his stuff in a box. He will CREATE a reason for his job by engaging in proxy wars for profit to keep his place in a world that no longer requires him.
The people of all developed nations need to wake up and realize they don't need to be held hostage by their own military.