Cost pressures? BA and IAG are financially strong… and as they’d already ringfenced £7B for improvements across the operation, can’t see any reason financially for delay. The only thing they may try to do is co-incide any refurb of lounges with the eventual roll-out of the first A380 refit….
.. but then again, BA are never that smart or coordinated. It’s more likely the complex logistics of refurbishing/redesigning any/all of the T5 lounges without significant disruption and displacement that will be the challenge