I have not posted on this (long) thread because I don't travel via BA. But the issues presented are not too dissimilar to those faced by legacy airlines around the world. I wish to note, though, that while financial shackles may yet determine the destiny of these airlines, employee attitude and management performance are fixable.
Because of my home airport(s), I have been a frequent flyer on Continental for the last 20+ years. It is well-known that this airline was in the dumps during the early '90s as its merger with People's Express and its acquisition of certain Eastern Airlines' assets imploded, and it went into bankruptcy. All of the telltale signs were there: dirty old planes, unmotivated crew and clueless management.
But in the mid-'90s, management began to turn around. Under Gordon Bethune, Continental made a deal with Boeing to refurbish its fleet (on credit) and established increased financial rewards to staff based on operational and customer performance. The rest is history. (Read,
Amazon.com: From Worst to First: Behind the Scenes of Continental's Remarkable Comeback (9780471356523): Gordon Bethune: Books .)
So based on a joint effort, you can turn around an airline. What is needed is to stop the emphasis on blaming your partners, and start to try to work with them for the common good. Sadly, though, I remain worried that as the result of the recent merger between Continental and United, it is possible to backtrack, too. The next year will tell as operations become truly integrated.