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I didn't say 1200 pilots lost their jobs. I said that around 1200 posts went. That includes, for instance, 400 at BA which won't involve a single redundancy - but those jobs aren't available for anyone else, either!
VS's was the largest single redundancy (250 including FE's), but there were many others elsewhere, although I'm aware that many redundancies were announced and not carried through. Don't forget that a good many early retirers, particularly at BA, put themselves straight back into the jobs market - and they will compete for the low-paid jobs because they can! As WWW says, many of the low-cost sector's vacancies have been filled by 737-qualified people from Sabena and other european airlines.
Both general chat around the bazaars, and BALPA's own assessment, suggest that my guess is about right. But, hey, if I'm wrong then things may get better more quickly! Let's hope so.