So we all know the Rendlesham Forest incident happened in December 1980, RAF personnel witnessed something genuinely unexplained, and the British government has been deliberately cagey about releasing all the documents ever since. They've trickled out bits and pieces over the decades but never the complete file.
I reckon they're not covering up an alien spacecraft (though maybe they are). I reckon they're covering up the fact that they had no idea what it was and, more had no way to defend against it if it turned hostile. That's the real embarrassment - not 'we saw something weird,' but 'we saw something weird and had literally no capability to respond if it was a threat.'
If you're the British government in 1980 and some unexplained object shows up over an active RAF base, you've got maybe three things it could be: enemy aircraft (but nobody else claims to have flown it), natural phenomenon (doesn't behave like one), or something unknown. None of those are comfortable admissions. Especially not when you're trying to justify Cold War military spending.
The cover-up isn't about the UFO - it's about the fact we were essentially defenceless against whatever it was. That's why they'll never release the full files. Not until we've got better tech and can actually claim we'd know what to do with an unknown contact.