My limited understanding of the UK - EU Trade and Cooperation agreement is that any EU airline that met all the ownership rules and crucially had and EU country Operator Licences and an AOC in place prior to Dec 31 2020 is able to operate out of the UK (even set up a base in the UK). I suspect this was put in to allow the likes of BA to continue even though they are owned by an EU company.
An EU airline formed after 31 Dec 2020 will not be allowed to base in the UK unless they put their aircraft on the G register and have a UK AOC.
So this doesn't prevent Lauda Europe from bringing more EU registered aircraft into the UK and setting up a base as they existed prior to 2021.
I guess there would be nothing to prevent a larger airline from buying up a Maltese registered 2 Aztec AOC'd air taxi company and then expand it into the UK with a fleet of 737's requiring only EASA licenced crew. I cannot imagine any airline being that devious though.
