Well, some us DID tell you so! Defence review 'flawed by drive to cut costs' - Telegraph NAO: Carrier delay costs 'still unknown' - Defence Management " The NAO report also disputed the government's assertion that a Terms of Business Agreement (ToBA) signed between the previous government and BAE Systems meant that buying both carriers would be cheaper than cancelling one. The NAO report said that cancelling one carrier would have saved £200m, while cancelling both £1.2bn. The unavoidable costs introduced by the ToBA were said to total £3.2bn. " Cue the carrier fanatics and co to explain how we can actually afford loads of carriers with hundreds of planes.