If you purchase TSR-2, and Phantom, there would still be the requirement to replace the Lightning's in the mid/late 1980's.
So there is room for a UK Designed and built fighter still. If this aircraft is still in production in the mid/late 1990's it could be used to replace Phantom as well.
I'm not arguing against the fact that the Lightning will have to be replaced. The problem is that in OTL if the British military effectivly buys American through the 60's and 70's, very little funding will be spent on domestic aviation development. Without the Jaguar and Tornado from the late 60's to the early 80's to bridge the development gap the British aviation industry is very unlikley to have the skills and existing resources to work from to develop such an aircraft on their own. Britain may have to run cap in hand to the French and ask for a partnership to one of their designs.
While in OTL the TSR-2 and the Tornado may not have been great projects and may have done considerable damage to the British aviation industry they did have the effect of preserving technology and skills throughout an economically difficult period.
Saab, CASA and Fokker come to my mind.
Or, to have Airbus as purely British and French thing, no Germans and others...
Why would it have to be the French and not the Germans? True enough France still has a better aviation industry than Germany but who builds what will come down to matters of politics and during the 70's Britains relations with France were cooler than they had been during the late 60's. It could even start out as a join project between Hawker Siddeley and BAC.
Russell