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The Defence Committee questioned Armed Forces Minister Nick Harvey and Chief of the Defence Staff General Sir David Richards on the Strategic Defence and Security Review on 22 June 2011.
Defence spending is set to fall by 8% over four years as part of the government's strategic defence review, which was announced in October last year.
The review called for the Royal Navy and RAF to lose 5,000 jobs each, the Army 7,000 and the Ministry of Defence 25,000 civilian staff.
But some Labour MPs have called for the review to be reopened - pointing out that it was announced five months before the UK became involved in military action in Libya.
Speaking at last week's
prime minister's questions
, David Cameron said the mission in Libya could be sustained for as long as necessary.
He told the House of Commons that even after the review the UK would have the fourth highest defence budget of any country in the world.
The committee also explored the National Security Strategy.
Last month it was announced that the UK and the US would set up a joint body to work on long-term security.
The National Security Strategy Board - headed by the UK and US chief security advisers - is tasked with investigating threats from terrorism and rogue states.
The committee also heard from Lieutenant General Sir William Rollo, the Deputy Chief of the Defence Staff and Jon Thompson, who heads the Ministry of Defence's general finance department.