The UK's armed forces

Royal Navy
Personnel: 34,230
Reservists: 420
Equipment: 12 Submarines; 2 Aircraft carriers; 6 Destroyers; 17 Frigates; 7 Main amphibious; 23 Patrol; 18 Auxiliary; 13 Sea Harrier and 119 Helicopters

Army
Personnel: 100,290
Reservists: 37,260
Equipment: 386 Main battle tanks; 3,768 Other armoured vehicles; 877 Artillery and 299 Helicopters

Royal Air Force
Personnel: 39,750
Reservists: 140
Equipment: 287 Combat capable aircraft (137 Tornado, 58 Eurofighter, 34 Reconnaissance aircraft); 131 Helicopters (40 Chinooks, 28 Merlin and 34 Puma)

Savings of 20 per cent are demanded from the MoD's £38bn budget over the next four years. However, the cost of Trident and two new aircraft carriers needs to be added to this list.

Where will the axe fall?