The Guardian is gleefully welcoming (here) former readers of the The Times, which Rupert Murdoch and Co. have taken behind a paywall. Granted, neither the Guardian nor any other newspaper in the UK is a perfect substitute for The Times. The Times is more right-leaning and The Guardian is more left-leaning. I suspect that former Times readers are more likely to gravitate to the right-leaning Telegraph. Others, like me, who formerly perused 4 different UK papers each day (the Independent, in addition to the Times, Guardian and Telegraph) will now look at only 3. I will miss Anatole Kaletsky's invariably interesting columns, but not much else.
In any case, readers still have plenty of price-free options to get UK news. For that reason, I would predict that The Times will revert to open-access for on-line news within six months to a year.