On the subject of raising the Transition Altitude, there is currently a Eurocontrol initiative underway to raise the Transition Altitude to a common level throughout the European region. Several values for the Transition Altitude are being discussed.
Apparently the obvious one (18,000ft) doesn't provide adequate clearance for some of the European peaks.
Also, the raising of the TA could result in the loss of an exisiting holding level, and the consequence of this on capacity in busy Terminal Airspace needs to examined.
The UK is being represented on the Eurocontrol Working Group by a member of DAP (CAA).