55.000 pounds sterling gross for end career (if I read you right) is very comparable to salaries in large European states, and that includes Spain for instance.
What privatisation has brought up is :
(Not in order of importance and not all in same country )things like :
reduction in many social benefits, reduction of leave days , mandatory overtime, extended working hours ( from 28 or 32 hours effective p er week to 36 or 38 before overtime starts ) younger, harder management ( the weak controllers must come out ) sectors must to be manned when traffic demand is there (even if start shift is in unsocial hours )and tremedous pressure to raise sector capacities to keep delays down.
Airlines become "stakeholders" before they become "shareholders" ..
Money is the wrong issue my friends...and in my experience Happy relax people do not spend their money and their ego on cars...