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I've flown with Air Transat before, it's basically a charter airline, like Thomson or Thomas Cook. I think they are generally cheaper as they fly from Gatwick and have less options for times and dates of flights. Don't expect the latest films and free booze, but generally will get you to where you want to be.
Have you tried looking at Air Canada as well?
Doctor_Cake
Anyone ever flown with Air Transat? Currently £300 cheaper than BA for a return flight for two to Toronto, will this be a false economy?