Isn't this partly a case of the cost of upgrades meaning this investment goes in long-term 'cycles' - BA set the standard, others caught up and surpassed BA, but now BA is coming back with a new business product that has the potential to raise the bar again on established European / North American carriers? The only fly in the ointment is the ME carriers, who seem to have much shorter cycles for upgrading their hard premium product as they have not been constrained by some of the same commercial realities than affect other airlines (albeit the tide is turning and this now seems to be changing).

I also think that BA's historic brand, London's geographic advantages and its dominance of Heathrow airport contributes towards it being slower to react than some of its competitors - i.e. its strong relative position can lead to a fair bit of complacency as it knows that even with a tired product, it will still be able to sell seats and fill premium cabins. I think this is evidenced by the fact that BA has undergone a fairly substantial long-haul fleet renewal in the past few years (787s, A380s) but has wasted the opportunity that this provided to materially improve its on-board premium offering and keep it in the leading pack.