I can recall the British decision to end its defence role 'East of Suez' in 1968, mainly due to economic factors and to cut defence spending - much to the dismay of a few partners and before Gulf War One only a smaller presence was left in Oman, the Gulf and (with the USA) on Diego Garcia.

Two Gulf Wars later, the interventions in Iraq and - still - Afghanistan the UK is there in force in the midst of an economic recession, with substantial cuts in defence spending. You might think now was not the time to expand the British role in the Persian Gulf, wrong!

RUSI, a Whitehall "think tank", has published a paper; in summary:
The UK is approaching a decision point where a significant strategic reorientation of its defence and security towards the Gulf is both plausible and logical; and, for the first time since the UK unceremoniously left the Gulf in 1971, a coherent strategy for a ‘return to east of Suez’ is emerging.
There is a useful short podcast and a paper on:http://www.rusi.org/publications/oth...517AA8D59D1B3/

A BBC report notes:
We are already committed to the Gulf. But we are just not doing it very well. There are 160,000 British citizens living there so if there is a crisis we will be involved, so we need to be better positioned to mitigate the threat.
Link:http://www.bbc.co.uk/news/uk-22333555