With respect Monarch have been in business for a lot longer than FR and U2. They also had access to funding and could have got any fleet they wanted. They lacked the vision of the big 2, saw how successful they were and did very little about it. Now almost 20 years on they've decided they want a piece of the action.
The big two provide lots of reasonably secure jobs for which many are grateful for. Those who've ploughed £100,000 in to training certainly do. Out of work with £1000 a month loan repayments in one scary place to be in I should imagine.