Ironically, I'm using a bmibaby example here, but bmibaby has hubs at BHX and EMA, so why can't Jet2.com have hubs at NCL and MME?
I think the size of the catchment area in the midlands is huge compared to the north east unfortunately.
Its like the HUY and DSA thing, though MME is far better connected than HUY both LBA and NCL are not too far away serving the larger cities and conurbations, that is obviously then where the airlines will want to fly to.
You may be lucky at MME, Peel can work wonders. Just seems hit and miss for airports like MME and HUY (though HUY hasnt realy touched low cost flights yet) someone may come along and decide that it will compete with both LBA and NCL at once and base at MME, but, who does that leave?
My moneys on TOM!