What happens to my iCloud data (Photos, Notes, Recordings, Backups) if I cancelled my subscription.

I'm currently in a tight spot financially and I'm trying to budget a bit more. So I was wondering what would happen to my cloud files if I canceled my subscription to iCloud+.

Will it keep my data but won't allow me to store any more files in the future, if that's true what will happen to my files if I switch accounts on my Ipad?