EF2000 and F-35 will not be cancelled. For NATO especially UK, EF2000 will be used primarily for common air to air and air to ground sorties where stealth not required but weapons count.
F-35A will be for stealth sorties:
1) hitting vital targets such as C&C HQ, GCI radar, SAM sites, supply lines, storages, etc behind enemy lines
2) served in most frontal lines ahead EF2000 to attack the possible threat such as Su-27SM, Su-30MK and Su-35BM from behind while EF2000 will finish off the rest with long range Meteor.
F-35B will be used mainly for close air support, most likely to be fitted with external ordnance on under wing pylons supporting ground troops attacking armored columns and invading tanks alongside attack helicopters..
For US, the F-35A/B/C will replace the F-16 and F/A-18 phase by phase for all sorties. Probably with variants carrying weapons externally where stealth is less required. It'll forgo stealth but will appear as low RCS on radar. The stealth variant will destroy all high potential threat first before the low RCS variants carrying ordnance externally are deployed.
If LM tried to cut throat with excessive pricing, the US Congress and MOD could always count on Boeing with Mc'D DNA partnered with Northrop/Grumman to develop their counterpart such as F-32 that will sell cheaper probably better with their much experience in building fighters.