Warthog and others
Erm, I think you'll find that Sleazyjet and Ryanair pay their pilots considerably more on average than your 1-15 year pilot at BA. Sharp end salaries are not the problem. The problem is that BA is not a lean airline. They have baggage handlers, CSD's, dispatchers and tug drivers on 30-40 G's which is more than a lot of FO's. They need to subcontract these things out and... get rid of CSD's, there I've said it! You think WE don't justify our salaries???!!!!
What's more Ryanair, and possibly EasyJet (the former no question), have enjoyed a series of advantages hardly in keeping with fair competion rules.
These two airlines may get people flying for a month or two at £10 a go but they can't keep that up forever and as soon as they drop the initiative the loads will drop in unison.
You cannot run an airline without your own pilots but you can fly without CSD's (probably better in fact - and I'm not saying sack them, but get rid of the rank!), and the rest you can subcontract out.