Defence most at risk from new Spending Cuts?

The FT leader this morning highlights the need for clarity around the next wave (ie post-election) spending cuts.

The FT’s key concern is that the MOD’s £34bn budget is ripe for the picking:

If they continue to be protected after 2015, other departments will face even deeper cuts. Among the most vulnerable is the Ministry of Defence with its £34bn budget.

But also that this could mean further cuts to personnel and/or capability.

One of our concerns will be that further cuts will have to fall on the parts of the uncommitted elements of the equipment plan, in particular the parts of the MOD budget that are primarily spent with SMEs, but are too often seen as the low-hanging fruit (especially relative to further cuts to personnel or big ticket platforms).