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If the much expanded BHX network proves to be a success, then I'd bet that Easyjet would wishing that with hindsight they had invested in the airport
I think it's true that Flybe are well placed to attract both leisure and business travellers in the Midlands - something similar to what easyJet do in London, BRS, MAN and EDI. Their choice of destinations from BHX do seem well chosen, with perhaps the exception of taking on carriers with larger aircraft on some sun routes. I guess time will tell how successful they are.
Having said that, it wouldn't take much for EZY to come in and take a piece of the pie themselves - they've already effectively driven BE out of LGW (I know there were other factors in play there too). If that did ever happen, it wouldn't be for at least a couple of years, as I believe because EZY's future fleet deployment is already fairly constrained.