Show me the money, honey?

There’s a really good article in the Guardian’s Economics section today that argues that war on the cheap is costing soldier’s lives. And when you look at the facts, it’s obvious that this Government has been very prepared to commit troops to war (Iraq x 2Afghanistan, Sierra Leone, Kosovo, and so on) but at the same time have cut the % of GDP spent on defence.
The going rate was 5% when they were elected, now it’s down to 3%, a significant reduction. Of course in real terms they are spending more than ever, but not in a manner that meets some expectations.
But this raises another interesting point: if we want to see our servicemen equipped correctly to reduce the risk of them being killed, we need to fund their equipment. To do that we either, as a nation, need to cut spending somewhere else in order to re-allocate the cash or we need to raise more taxes.
So if you had a choice, what would it be: more taxes, or take the money from somewhere else? And if you choose the latter: from where?