Most unlikely, I have to say. You must remember, however, that the Mail and Express tend to take an anti-Blair line and obviously, a headline like that sells papers.
A move like that, even if "cost saving" would be a disaster for a government; it's an excellent morale booster for the RAF as well as a flag flier for the country; were the government to ground them, the electoral damage would be very considerable, as well as being a gift to other parties.