DAVID Cameron insisted the coalition was protecting Britain’s future security as he confirmed deep cuts to the armed forces.

The Prime Minister and Witney MP said the Ministry of Defence’s budget would fall eight per cent in real terms by 2015, with army numbers dropping 7,000 and navy 5,000 over the same period.

The Nimrod aircraft will be cancelled and there will be fewer frigates and destroyers, although two aircraft carriers will be built.

The RAF will also shed 5,000 personnel by 2015, while 25,000 civilian staff will go from the MoD by the same time.

Unveiling the results of the strategic defence and security review, the Prime Minister said it was “not simply a cost saving exercise” even though money was tight.

He said: “This review sets out a step change in the way we protect this country’s security interests.”

Mr Cameron attacked Labour for leaving a £38bn funding gap in the MoD budget. But amid US concern over the depth of cuts to the military, he insisted the Government remained within the two per cent of GDP target for Nato countries’ investment in defence.

After the reductions, the UK would still have the fourth largest military in the world, Mr Cameron told the Commons.

“Britain has traditionally punched above its weight in the world and we should have no less ambition for our country in the years to come,” he added.

Mr Cameron stressed that the cuts would not affect ongoing military operations in Afghanistan, which are funded from the Treasury’s special reserve rather than the MoD budget.