Just to add a little perspective to the 'doom and gloom' mongers out there.
The change to pilot retirement age was implemented in 2005, 5 years ago. This has added significantly to the fall in available jobs as the airline recruitment has, effectively, stagnated since then. Airlines live in a reactive and rarely proactive world. The incresed productivity of one of their most expensive assests has led to the negation of recruitment irrespective of adding the current economic climate on top.
Retirement is now at 65years, another 5 years away. How many pilots will continue to that is anyone guess but a lot do not want to continue flying when they need a stair lift to get up to the aircraft.
When will recruitment start? Anyones guess again but I, personally, think it will be sooner that 2015 as companies need to fill the retirment black hole that is looming. How much and when depends very much in the UK as to the state of the public purse and the willingness of private investment.
An inside rumour is that BA will be starting to look for new pilots towards the end of this year, early next year as new fleets such as the 787 and the A380 start to come online and the top end of the seniority list looks toward retirement or part time working.
Who are they looking at? Qualified DEP's, Military and selected FTO students. BA has very rarely taken low houred, self sponsored cadets.
What is of interest however is that, whilst the hold pool is empty, the books for applicants from a wide variety of airlines is chock full. Once the flow begins then the other airlines will need to fill.
So, to summarise, it's not all doom and gloom there are some glimmers ahead.