Are LCCs cheap?
The average fare charged by Ryanair/EasyJet is around £40. That's each way. And it excludes taxes and charges that add over £10 a leg for ex-UK operations. So the average return fare is over £100.
For that, you don't get a ticket, you pay extra for in-flight meals, newspapers and drinks, there's no travel agent's commission (and often a surcharge if you pay by credit card), and you don't get a reserved seat.
Now look at how much you pay for a UK-originating charter (seat-only). That price includes all taxes, travel agent's commission, in-flight meals, reserved seats, etc.
Although the prices do differ, the LCCs are not massively cheaper. You can see how they do it - all pioneered by the charter operators, just marketed differently.
Thinks..............