"Jet 2 have had a fantastic response to their LBA-BFS route launch so far" So what! As anyone knows a new route will always attract a certain "novelty" value with people curious to find out what kind of service they will get with a new carrier.
It should, of course, be borne in mind that the £1 fare is only for November after which it will revert to £19, exactly the same as the internet fare Flybe are currently offering - Flybe have always offered a good service on BHD-LBA with a decent spread of flight times and whilst Jet 2 only offer 2 per day, Flybe have at least double that.
It remains to be seen who will win out at the end of the day! Flybe are not going to simply bow out just because they have a little competition from a fledgling carrier who have yet to prove themselves!