In terms of personnel in hand, this makes sense (arguably you could equate CPO and Cpl in some areas). In terms of required expertise... perhaps not so much.The unkind might say that this is already the case, from certain perspectives
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Of particular interest is the equivalence of RN Lt Cdr and RAF Sqn Ldr with Army Lt. Similarly, RN Cdr, RAF Wg Cdr equivalent to an Army Major. In the OR-isphere, RN POs are apparently equivalent to Corporals.
No smoke without fire, I suppose