Two former Royal Navy flagships, a frigate and two support tankers will be decommissioned, with the savings reinvested into the defence budget. Healey blamed the move on a "dire inheritance," left by the Tories.
The announcement was described by the shadow defence secretary, James Cartlidge, as "cuts, instead of a pathway to 2.5%".
The government has said it would raise UK defence spending to 2.5% of GDP, but is yet to provide an end date.
As part of the plans, the assault ships HMS Albion and HMS Bulwark will be decommissioned.
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