The best Prime Minister we never had?

The eulogies for Denis Healey do slightly grate on me. I remember him as Chancellor of the Exchequer and his performance was as dismal as most Labour Chancellors. I wonder if people are remembering him only by the 'eyebrows' and the Mike Yarwood impression.

In reality Denis Healey had been a member of the Communist Party.  Had imposed high tax rates on 'the rich', not quite until until the pips squeaked. All but bankrupted the country with excessive public sector spending and general ineptitude.  Had to run to the IMF to bail out the Country.

A good question would be why an ex Communist Party member cancelled the BAC TSR2 , the best plane that the RAF never received. And why he cancelled the Royal Navy's new aircraft carrier too. 

Why did Denis Healey diminish the UK's ability to defend itself from any possible Soviet aggression?

I can see why his actions both economic and otherwise might endear him to the anti British BBC but some of us are able to remember what happened, without the benefit of the BBC's attempts at educating us.