If the UK leaves the EU will they cut their military?

Continuing to ponder on the what if of the UK leaving the EU.

If they do will they cut their military?  What about nukes?   Will they keep their nuclear missile subs?  Will they maintain a decent sized fleet, capable air force, great Marine and Army forces?

I don't know.  It does appear from this side of the Atlantic that if they do leave the EU then an argument can be made that they don't need to have as large a military.  I think the bullets vs. butter discussion will be the next thing on the table the second that a decision to leave is made.  You thought the US presidential election was wild?  Wait till the vote to stay or leave the EU gets closer!