To be honest the only reason BA have had to discount it to fill seats is because the current offering is frankly crap.

They can kid themselves all they wish about 8 seat cabins and exclusivity but when they actually employ exemplary crew on every flight not occasional ones, when they provide high standard food and beverage not the cheapest option, when they provide chauffeur service etc then people may consider paying it.

The only people who have devalued First are BA and if they really think people are going to pay £7k-12k to have anything other than perfection then they really are stupid. And under this senior management team running it they are incapable of providing that as all they know is cost cutting and budgets.