Gypsy, I asked for contributors to list substantive differences in safety equipment and standards between the majors and the low-cost sector (including EZ). So far the only substantive difference between EZ and BA specifically that has come back is the BA SESMA system. Does this make BA a 'safer' airline than EZ? Perhaps, but not by a significant enough margin by itself to make a difference to your passengers (including myself).
My point, which I will repeat and expand upon for good measure(!), is that safety is unlike any other customer choice factor in the airline industry. Passengers can sense differentials in customer service, legroom, quality/existence of IFE and food very easily and can make purchase choices based in part on their desire for these items.
Safety, on the other hand, is taken for granted by the customer. This means there is little incentive for airlines to invest in incremental safety standards beyond what is specified by the CAA. Yes, investing in additional safety may reduce yet further the risk of hull loss (which I think we all agree would be more damaging to a young, low-cost carrier than to a major). But the incremental rewards for such investment are low, especially since customers perceive safety as good across all UK carriers and essentially commoditised in the UK industry as it is 'guaranteed' by the CAA's rules and monitoring.
That's why you see 'continuous improvement' in the obvious customer-facing areas which affect customer purchase decisions - e.g. the relentless quest for a better business class seat over the years - whereas safety improvements take place typically in step changes which take place as a result of airline disasters (e.g. cockpit entry procedures post Nairobi and now the WTC tragedy).