There are many issues that need to be discussed and resolved:
In a post cold war era whom are we attempting to deter and will it work? In my mind it would not be effective against a rogue state and could only be used for revenge. Would a British government ever use it for this purpose? I don't wish to ask (or answer this question for the US.)
Does replacing the system violate the anti-proliferation treaty? I think so. However the major powers have been in violation of this treaty since before the ink was dry. It was really only meant to apply to other countries anyway. We know how that's turned out: Israel, India, Pakistan and North Korea!
Would the new systems be free and independent? Would the UK have the authority and the power if the US disagreed? This is critical. The government has always asserted that it would be independent but experts have disagreed. They contend that the US might retain the power to prevent the missiles from being used. This is critical. The rogue state that worries me the most is America. They (we) have the most weapons and the government is drifting further from the no first strike policy every day.
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