Not wishing to turn this into a totally Political debate - but the UK is spending several BILLION POUNDS on building two "Classical" Aircraft carriers which will be delivered sometime around 2015 - 2016 or later by the time these things are kitted out properly and tested.
Now it seems to me that this type of expenditure is based on PREVIOUS century's warfare -- in any case who is the UK going to fight against. It even had trouble back in the early 70's with "The Cod Wars" so I don't see the UK ever doing a Global war again - even Argentina is leaving The Falkland Islands alone - and the Spanish Navy has only the capacity of about 1 Rowing boat currently so Gibraltar is safe too.
(The Cod wars were a fishing dispute between Iceland and the Royal Navy at the beginning of the 1970's when Iceland declared a 4 mile (7 KM) fishing zone - later 12 miles (15 KM) "economic" zone around the country. Iceland then extended Fishing rights to 50 miles / 80 KM-- now long since vindicated in International Law) - these days often a 200 mile (320 KM) exclusion zone is regarded as legal in international Law where Geography permits. Territorial Limits for jurisdictional purposes was regarded as 3 miles / 5 KM - beyond which you were deemed to be "On the High Seas").
(Hover over the Text to get automatic translation).
Modern war planes are likely to be based on using Drones rather than vulnerable Humans in costly aircraft flying from "Attackable and Sinkable Ships".
I'm sure even a lot of the most belligerent Air Force personnel will agree that using drones is often the best way to carry out bombing raids if that is what you need to do rather than sending out costly and slow Air Craft Carriers --these Ships are about as relevant today in modern Warfare as Cavalry is.
I'm always fazed at how WASTEFUL any government is (not just the UK) in spending money on totally unnecessary and useless projects while real useful one's such as decent infrastructure / proper health care or research projects such as space exploration or SENSIBLE RENEWABLE energy systems which will bring huge benefits to mankind and decent LONG TERM JOBS are dropped because of "Lack of Funds".