It is not unusual to cut a couple of frequencies late on 31 December and early on 1 January. However, around that time, travel is usually at a peak - and especially so on routes like Edinburgh where the destination sees an influx of tourists for new year.
The other thread previously running about bmi's appallingly poor performance seems to have disappeared some time ago. However, this is just another sign that passengers have deserted bmi in significant numbers and that other airlines - including BA - are benefitting from some increase in marketshare.