Even if it's possible, even if it can be funded, I don't trust the UK to run this kind of project. Here's why.
Proposed developments to Harrier were abandoned.
TSR-2
Tornado ADV was pursued despite the program being more expensive and less capable than just buying F-15s.
Huge delays and cost overruns on Typhoon; widely agreed to be less effective than far cheaper Su-35. Some commentators describe it as obsolete at introduction; no more effective than developed F-15s.
Built carriers big enough to cat/trap, then bought more expensive, less capable VTOL-capable aircraft for them, creating worst possible price-performance ratio; carriers almost impossible to staff or protect anyway.
Why would any reasonable person not conclude that British military procurement policy has, for decades, been utterly, utterly catastrophic? And that's just aviation-related stuff. One is tempted toward the conclusion that these decisions are so political that government is incapable of making rational decisions, to the point where it's severely affecting national security.