Couple of thoughts if i may; accepting that the F35 will bring a level of capability previously unseen does the long gestation have any bearing on it's effectiveness once it does eventually reach front line service, given the likelihood that the "opposition" will also not have stood still?
Secondly what does it actually mean if you are not a member of the F35 club?
Focusing on GB and being in complete agreement on the wisdom (or lack thereof) of the reductions in capability you mention how does being a member of the "F35 club" yet possessing a militarily ineffective "force" of front line jets and no other capabilities that a small maritime nation might deem useful, actually benefit GB?