The likely result of cancelling the A400M purchase would be the loss of any future EADS work, such as wing components, in the UK.
With BAe out of EADS future work isn't guaranteed,
the Spanish in particular angling to take over all UK work share, an A400M pullout would greatly strengthen their hand.
So I would suugest that, politically, it isn't likely to happen; and we're much more likely to be able to sell on our C-130Js than the A400M poroduction slots.