My view is that at the moment we don't actually face a threat from a nuclear armed state, unlike when we first purchased Trident in the early 80s, and the most likely nuclear threat is from a terorist group who would not be deterred by such a system. This of course could change but £10-25 bn is a lot of money for very outside probabilty.
Also the timing is strange as the US seems to be planning to refurnish rather than replace Trident in the medium term so why do we have to make decision now? I suspect it's Gordon Brown making himself look strong on national defence...
Arguments for going ahead seem mainly to be about prestige, keeping the Security Council Pemanent membership and the French having nukes. I could see that it might be viewed as sign of weakness in some of the wankier countries out there for us to give them up. But then it would set a very good example if we did give them up voluntarily and definirtely give us the moral high ground when negotiating with the Iranians and the like...
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