I think a lot of LS's passengers will be hopping onto the FR flights leaving LS with their already half full aircraft even less populated!
Not really sure where you got your information on load factors from, but according to Wikipedia Jet2 load factors for 2008 were nearly 80%, now that is more than half empty...also didnt Jet2 announce profits already this year are 3x higher then last year at over £33million, seems to me that Jet2 are doing good business, and to be able to do that they must have good loads......and that is after a reduction in services and flights of over 28%