BHX can't really expect any new investment, especially of the "10 based airframes" type at present, and even in the foreseeable future.
"It's the economy, stupid", and that is the top and bottom of the lack of progress. The West Midlands certainly has its success stories, but the economy just is not as vibrant as London's, and even that is pretty pedestrian at present.
BHX wasn't helped by their failure to secure a based loco during the loco boom (about 1995-2007). The strategy of sticking with established full service carriers has had some success looking at the range of current operators, but the lack of a based loco has been, in retrospect, disadvantageous. Don't forget that Baby came late to BHX, and was not the best-managed company. MyTravelLite was a flawed concept that failed to survive consolidation in the IT industry, so the only saviour has been Monarch.
I can't see much more than trend levels of growth over the next few years, unless someone with more money than sense latches on to the extended runway with a long-haul operation.