You're right about the Argies. However, the British will not always have a first world military. Their welfare state is depriving the military of necessary resources. They may find it too expensive to maintain their two aircraft carriers that will be activated in the next couple of years.
The military budget is going up, the political mood is changing from one of cuts to increasing the budget in the realisation that we still have serious enemies and we need a capable military to defend against them. Trump played his part in this by applying pressure for other NATO allies to up their game. Russia’s chronic belligerence, and things hotting up again with Iran will only add to this imperative. I can see that UK defence budget approaching 4% of gdp as it was in the cold war within 15-20 years.