Contrary to popular belief there isn't a crisis in back-end passengers. You can price them into a seat, and people seem to have done that.
When it comes to business, an executive can't say "Can I pop over to New York because it's cheap." He has to make a case. If people are tight on their travel budget they say "Do a conference call". Once you sow the idea that it is good business to go to New York, price doesn't matter so much. You've probably got BA as your preferred supplier so in flows some return on the £5 million.
On a more general point, my experience is business users (and who knows what that means) are quite willing to use no-frills if they are convenient. And that's the problem. There are ever more services from ever more UK airports so BA will lose market share irrespective of price and service level.
A big problem with BA is its service is hardly any better than say Easyjet as an end-to-end, door-to-door, soup-to-nuts proposition. You get delayed just the same and you have to spend hours negotiating boring airports - and as we know BA tend to go to bigger and more difficult airports than the no-frills.