The high-profile failure of a $3.7B aircraft carrier shows how Britain is struggling to keep up with first-rate militaries

• UK aircraft carriers keep breaking down, with one pulling out of NATO exercises Sunday. 
• Years of underfunding have left the UK's navy in a threadbare state, according to a report.
• It comes as at a time when the UK is stretching its naval capabilities to counter global threats. 

The high-profile failure of the UK's flagship aircraft carrier over the weekend has shown how Britain is struggling to keep up with first-rate navies around the world.