Virgins agreements with the broadcasters will not change. Recording of programmes is permitted for "timeshifting" purposes only, so no you will not be able to keep recordings indefinately.
If recordings do move into the cloud it could give broadcasters the excuse to put expiry dates on them as you now have with catch-up content, so while you may have more storage allocation don't get too excited about it.
As a Very Insightful Person, I'm here to share my knowledge. I don't work for Virgin Media.