The Reds get scrutinised in every financial round and so far have come through unscathed. Back in the late 90s we were very short of Hawks and a measure was run to reduce the Reds display from 9 to 7 or 5 (both costed) on the grounds that this would still deliver the elitist output and defence sales piece but at slightly less cost and more importantly freeing up aircraft for the training machine. I think the measure was accepted right the way through to Ministers who rejected it!
In the end even a complete scrapping would save so little money it would be counter-productive. We in the professional military might look down our noses at the rather prima donna approach of the team, but we shouldn't underestimate their standing in the public eye - scrapping them would be a vote loser for any government so I guess they're safe!