Madrid was planned to be launched as a bmibaby route from EMA daily if the airline could get the slots into Barajas, however the slots never materialised and the airline went with the safer bet of adding a second flight to Malaga. There is talk that when Easy bases their first 319 at EMA it won't be for replacing the 737 but for launching a new route, and Rome & Madrid seem to be popular guesses.
If I'm not mistaken, you can fly from Birmingham with MyTravelLite to Pisa and from Coventry with Thomsonfly.com, both airports that would be considered in the Midlands.