Freda - actually, it was his wife's money!
Dirty Harry - don't forget that this doesn't just affect airlines ... there are also a sizeable number of US registered bizjets based in the UK and elsewhere in Europe.
On top of that, there are a few carriers - such as
MK Airlines which are to all intents and purposes UK based but which continue to fly off of third world flags of convenience with poor maintenance and safety oversight that allow them to undercut EU cargo operators (such as CargoLion), putting them out of business.