and what exactly is the industry definition of a "genuine" low cost carrier?
The idea for Jet2 was borne out of the availablity of cheap 737s post 9/11 and the desire to better utilise channex's existing operational infrastrure (crewing, rostering, back office). Having identfied the business opportunity, a guy was recruited from Cranfield (considerably older than 16) who had completed an MBA (not A-levels) and who had worked up a hypothetical scenario of a BRS based LCC. It was this idea which ultimately became Jet2 in it's original form.
loco