The real shame Grimweasel is that MK are based in the UK!! Their offices are in Sussex!
They just fly in and out of the UK as they please with not a word from the CAA or anyone. It is not fair on other EU carriers who have to satisfy JAR-OPs requirements like undergoing constant audits, getting line stations approved by the authority, having all your ops and maintenance procedures scrutinised and judged fit/unfit for approval, complying with strict flight duty time requirements, (14 hours max duty time, not 20 hours and then 6 hours rest!) etc, etc......
All these requirements obviously add substantially to costs which is why the likes of MK are able to undercut everybody.