I don't think the UK state redundancy rules have changed much since I was redundant in 2005.
You had to have a minimum of two years service to get anything, then 1 week for every year upto age 40 and 1.5 weeks pay over 40, capped at £270 ish p/w. (now £571 apparently).
I got £6580 after 18 years of service, and that was from an airline that was growing rapidly but didn't need flight engineers any more.
The Flybe staff will be lucky if they get their notice period paid in full.