Unfortunately there are no fully sponsored training options any longer. If you plan on waiting around until something like that pops up, you will be waiting a long time. Every pilot who has qualified in the UK in the past 10 years would have had to pay for their commercial training. Even so called 'sponsorships', from Flybe and Thomson really require the trainee to pay for a large part of the course. At my BA selection day recently, I met another candidate who had passed BA selection for the cadet course right before Sept 11th 2001. His course was cancelled, but he went on to do it on his own.
The fastest option for these people would be to quickly undertake their ATPL examinations, and look to attend a military conversion course to obtain their CPL/IRs. Bristol Ground School did this conversion, and there are quite a few smaller outfits which can provide the flying courses.
Airways Flight Training
Professional Air Training: Professional flight training school
The option to bear in mind once qualified however, is that LCC airlines only want cadets, which means you stumping up yet more cash. The only LCC asking for ex-military is Jet2, which has large numbers of ex-military and whose CP is also ex-RAF. But you will need to be qualified to join (but they will TR you).
So the only option is to get your licence conversions done on your own, and then you'll have a far better chance of getting another flying job.
