Various posters are making interesting comments. From a little Internet searching I find that in 2011, the U.K.’s defense spending (total) is running almost 2.96% of GDP, and in 1985 it was running almost 5.28% of GDP.
http://www.ukpublicspending.co.uk/downchart_ukgs.php?chart=30-total&view=1&year=&state=UK
Other, sources give slightly lower figures, for example, Wikipedia shows the U.K. in 2010 at 2.7% of the 2009 GDP, while the U.S. is currently at 4.7%.)
http://en.wikipedia.org/wiki/List_of_countries_by_military_expenditures
This source shows the UK at 2.5%...
http://www.mod.uk/DefenceInternet/AboutDefence/Organisation/KeyFactsAboutDefence/DefenceSpending.htm
However, there may be another way to look at it. I enjoy alternate history and speculation now and then, so, let’s assume:
The UK, in 2011, for whatever reasons, decides it needs to install a gov’t to its liking in Libya. It has minimal to no assistance from the U.S. or other NATO allies.
Libya never unloaded it’s WMD’s. (Dubya didn’t scare them enough in 2002-2003, perhaps?) Perhaps it will use them through 3rd parties.
At the same time, Argentina sees it’s new chance in the Falklands. And, the Scottish National Party (now a majority in Scotland) pushes through legislation for a referendum on Independence from the UK.
How does this play out? Obviously, the UK “can” defeat Libya and Argentina at the same time. But will it? What happens to UK support of the US in other places? What is the cost to the UK? And will some additional party take advantage of the situation?
Alternately, one can speculate that Libya did not actually turn over ALL it’s WMD’s...