There is NO such thing as a £1.00 fare from the UK as UK APD is £11.00 per departing pax and this tax is NOT 'optional'. ALL marketing of any seat for sale should therefore be at least £11.00.
Add this to the Airport taxes which again are NOT optional, and I would imagine that your average seat price would never be under £20.00.
Anyone that thinks that a seat for a one-way sector under £50.00 (excluding rip-off credit card charges) makes any airline any money is living in a dream world.