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The extra nuance being that stuff like air passenger duty is excluded which makes up a large proportion of economy fares but much less of business/first fares.
I've barely flown since COVID but prior to that the loyalty scheme did have a hefty influence on choice of airline.
BA have been getting worse for years though so this isn't particularly surprising.
Yes- before you could be somewhat clever with routes and classes of travel and get silver fairly cheaply, now it’s just raw spend- £7,500 for Silver and a frankly vulgar £20,000 for Gold.