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Not really, its £76bn over 10 years or so, which in real terms isnt actually as much money as it sounds, it costs about £70bn to run the NHS for one year.
They have a nuclear deterrent; NATO membership.
Besides, Italy, Germany, Netherlands, Belgium etc. do have nukes in a sense as NATO has a 'Nuclear sharing' program. They're under control of the USA but that's merely a formality to get round the NPT; if nuclear war broke out it'd be the host countries warplanes delivering them.
Though if the UK gave them up you might find other NATO countries having to take the slack.
Proper deterrence only works if it deters. And soon after the Soviet explosion intelligent people started to ask would the US sacrifice Washington to stop the Soviets taking Bonn. The answer wasn't an unequivocable yes and if we knew that, so did the Soviets. However, would France go nuclear if Soviet tanks were on its border or the UK do so if the Soviets were massing at Calais and the answer becomes more complex. Going to war against NATO suddenly becomes much more risky as you have to take account of three reactions, not one.
As to why it was the UK and France - Belgium, canada et al were to small to have the GDP, Spain were facists, Germany had been until recently and Italy not had been, but also risked sliding into communist hands.