For Labour, shadow defence minister Kevan Jones said it was "absolutely right and necessary" for the UK to retain an independent nuclear deterrent, but it must take into account the costs involved.
"World events demonstrate that in an unpredictable era our country needs the ultimate security guarantee," he said.
"The precise nature of the deterrent must be judged on meeting military capability requirements and cost."
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After Roy Hodgson's resignation following England's humiliating exit from Euro 2016, who are the leading contenders to replace him?
The beleaguered Labour Party leader is clinging onto power in the face of as many as 150 MPs voting to remove him from the top job today.
Mr Osborne said he is "not the person to provide the unity my party needs".