Another aspect is that currently the contracting work is very poor. The UK has a dissproportionate number of pilots who work as freelance contractors around the world. Right now the money is rubbish and contracts scarce so a lot of them can be found in regular airlines - often low cost ones as they have been doing all the hiring.
In a couple of years time as the cycle swings back and the FTSE is bursting through 10,000 points you can bet your bottom dollar these chaps will be off to the Far East or wherever to go back to their $10,000 a month offshore flying heavy metal.
I don't want to get carried away and predict the mythical "pilot shortage" that makes so many of us groan out loud whenever its uttered. However, whilst history teaches us lessons, everytime the cycle comes around there are differences.
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