The wage bill is only one part of the savings - aircraft utilisation is as (if not more) important. LCC aircraft typically have 20 minute turnarounds, operating from secondary airports. It increases the risk of delays, and means cabin crew have to do a perfunctory clean before landing, and means there's very little contingency when things go wrong.
Flybe are best described as a hybrid airline... Their costs are not going to be that low, nowhere near easyJet or Ryanair I would say.
The difference is that in the UK there are far more low cost carriers than in France or Germany. Some Governments have protected their legacy carrier more than others. The UK gets the cheapest fares in Europe as a result but often the 2nd class service on the LCC. (compared to BA/AF/KLM) etc.
flybe actually has substantially lower operating costs than BA, as well as operating far more economic turboprop aircraft which they ordered to replace the older BA aircraft. flybe is as mentioned also a hybrid carrier, is that their part LCC and part mainline airline. They for example charge for checked bags and food/drink onboard, however they have connections/ codeshares and they have a premium economy section with lounge access and free food onboard. These types of airlines are quite common in Europe and similar ones include- air berlin, Aer Lingus, Vueling etc etc. While yes their cost are higher than Ryanair, because of their smaller aircraft they can run low demand routes at a profit which Ryanair would run at a loss.
A difference as also noted between the UK and most European countries with LCC (Note Low Cost (as in their costs), not Low Fare) is that as stated their LCCs tend to be major airline owned.
-The biggest LCC in France and the Netherlands is Transavia, owned by the Air France- KLM Group.
-The biggest LCC in Germany is Germanwings, owned by the Lufthansa Group.
-The biggest LCC operator between Germany and Turkey is SunExpress, owned 50/50 by Lufthansa and Turkish Airlines.
-In Spain the biggest LCC is Vueling, 50% owned by Iberia. (In Spains case however, Ryanair now carry more passengers than Vueling and Iberia combined)
In the UK originally the major airlines setup LCCs.
BA setup GO which was sold the easyjet in 2003 and BMI setup bmibaby which still operates but is small fry compared the Ryanair and easyjet.
This is a trend in Europe where air carriers ownership converges, in reality there are very few airlines in Europe.
For example:
Lufthansa Group owns- Lufthansa, Swiss Airlines, Swiss European Airlines, bmi- British Midland, bmi regional, bmibaby, Air Dolomiti, Germanwings, Austrian Airlines, 45% of Brussels Airlines, 22.5% of Ukranian Airlines, 19% of American airline Jetblue, 13% of Luxair, LSG SkyChefs (A catering company), plus more including their regional carriers.
Air France- KLM Group- Air France, KLM, Transavia.com, Cityjet, 26% of Kenya Airlines, 25% of Alitalia, 19.5% of Airlinair, 7% Air Taihiti, plus more including their regional carriers.
IAG (International Airlines Group)- British Airways, Iberia, Air Nostrum, 50% Vueling, SunAir, Openskies, 18% Comair, 15% flybe, 10% of Eurostar, plus more including their regional carriers.
So when you add these together the number of airlines in Europe in reality is greatly diminished.