There was a time when BA led the pack in terms of F "hard product" but this is no longer the case. It simply let the grass grow under its feet. I remember being underwhelmed (and disappointed) when the current product was revealed; an opportunity to reclaim top spot was thrown away.

Yes, BA is profitable right now and aims at 1.3 billion pounds' profit per annum. However, looking at previous years' profits and losses shows how wildly these can swing. Shareholder dividends at BA/IAG are as rare as hens' teeth.

One has only to look at UK-Australia to see how quickly market share can shrink and competitors can steal your business. We all know that the world of civil aviation can change rapidly. Thirty years ago, who would have predicted the huge market share held today by low cost carriers for intra-European flights?

Imagine a world where, say, Emirates' has trans-Atlantic traffic rights from Europe (plus the slots, of course). Who would claim that this would have little impact on BA?

If BA does not compete, in the long run it will decline.