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After the Blackbuck raid, the RAF and MOD saw the need for a long range bomber. The Vulcan was getting long in the tooth and the RAF did not have anything else that could do long range bombing raids.
At the time the B-1b was in production but it was only designed for nuclear strike, it did not get conventional capability till after the Gulf War.
Could the RAF and the MOD be able to buy a small number of B-1b and convert them to have conventional capability as they are brought in? Any chance that Rockwell/USA would be willing to manufactured a limited run in Britain?
The US only bought 100 but they still had a large fleet of B-52s. A smallish fleet of about 20 would be able to give the RAF a "Big Stick".