I don't disagree - though I didn't understand that that the renewal was just for subs. But still is it worth it?
I think the answer to that question depends on someone's answer to a question along the lines of 'should Britain have nuclear weapons?'. If someone answers yes (and I do) then the only realistic option is the submarines hence it's worth it. If the a persons answer is no then then it isn't worth it.
The French still seem to manage to be "the USA's oldest ally" - true of course - without spending the money we do and with generally older equipment manage to have a substantial say [in spite of a currently seriously flawed, if intelligent, President].
The Stockholm International Peace Research Institute in 2013 reported our defence spending as $57.9bn and French spending as $61.2bn. The International Institute for Strategic Studies reported for 2013 that our spending was $57bn and French spending $52.4bn. To me that suggests they are spending on defence approximately the same as we are
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Also I wouldn't say their equipment is 'generally older' than ours. The French Navy's attack submarines are the same vintage as our Trafalgar class and they have replacements in build. Their missile subs are a bit younger than ours. Their carrier dates from the early 00s (we, of course, don't have one in service at the moment so I guess they win by default
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Their air force's main fighter is only a few years older than our Typhoons and is in the process of replacing their older fighter/bombers. Their tanker and transport fleets are broadly similar in vintage to our own and like us they have replacements being built (our C-17s are a notable example of something that is young and also in a class they don't have).
Their army's main tank is the same vintage as Challenger 2 (a few years older). Their main infantry fighting vehicle is considerably younger than ours (late 00s vs mid 80s). Their main APC is about the same age as ours (and like us they have a replacement program running). Their self-propelled artillery is older than ours (70s vs 90s) but our towed is older than theirs (70s vs 90s again) and we both use the same rocket artillery. Their anti-air weapons are the same vintage as ours and their main infantry weapon is only a few years older than ours.
We both spend broadly the same and we both broadly operate equipment of similar vintage.
Also don't start talking about 'oldest ally' the Daily Mail and our politicians will have a heart attack if you suggest that the 'special relationship' isn't all that special compared to plenty of other close US allies
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If you live in Denmark, Slovenia, Luxembourg or Hungary, is your life at risk compared to living in the UK because you have a puny military and don't have nuclear weapons? If, to stay safe, you have to have a UK level of military, then only a small proportion of the world's population are safe.
All have smaller populations and smaller economies than the UK (or France) and all are protected by larger nations as part of NATO so can get by with smaller militaries appropriate to their size. But none are contributing at the rate of 2% of GDP as they are supposed to as members and beneficiaries of that membership. So to my mind, as they are falling (sometime considerably) short they should be contributing more to their own defence rather than just relying on larger NATO partners.