TSR 2 was only one of a sequence of cancellations - HS-1154, HS-681, SR177 and AFVG come to mind - and they would have cancelled Concorde if they could have got away with it. One or two (like HS-681) may have deserved cancelling but TSR 2 was needed and was already showing that it worked well and could be a world-beater. The Government admitted that they needed a new aircraft by ordering F111 - which at the time was experiencing far worse technical development problems than TSR 2 - and showed breathtaking incompetence by paying the US a huge sum of money, then cancelling the order before they actually got any aircraft. Much poorer but still having no aeroplane, they bought F4 Phantoms, but decided to spend another huge sum of money re-engining them with Speys, and getting sucked into very difficult and troubled development program. Somewhere along the way, they realised that the RAF still hadn't got the new aeroplanes they'd promised, so they refurbished some ex-RN Buccaneers to tide them over.
Just shows that mind-numbing incompetence wasn't invented by the current Government, however hard they try to claim ownership...