The RAF will shrink to it's smallest size in history but it will remain. It is not about capability or anything even remotely Military. It is about Politics. This shower have enough on their plate without being the first Government to abolish it's Air Force.
The public will not give two hoots if we lose 4 or 5 RAF Stations, several Squadrons etc because they are far more concerned about their local Hospital, their kids school and collecting what the State 'owes' them. Cut the whole RAF however, and that is a different kettle of fish. As well as the domestic impact it will send all the wrong messages Internationally as well. No Politician is going to risk that now, or for the forseeable future.