UK Armed Forces will lose £12bn worth of military equipment as part of government cuts aimed towards easing the country’s public deficit, reports the Times.

The UK’s parliament is expected to look into the details of the full estimated loss for the first time.

The country’s fleet of Harrier jets and the aircraft carrier HMS Ark Royal were decommissioned recently as part of the strategic defence review announced in October 2010.

The UK government is simultaneously battling to control an 11.4% deficit while trying to fill a £38bn shortfall in military spending plans.

Military experts have been frequently warning of the dangers the cuts represent since last year’s spending review.