Oasis tried to convince us that it was the world’s first long-haul budget airline. It wasn’t, and it went bust.
The one area where Oasis had a competitive product was Business Class. Substantially cheaper than its competitors, for a perfectly reasonable old-style seat and good service.
Enter Hong Kong Airlines with a new service from Hong Kong to London Gatwick. They are operating Airbus A330s with 116 seats in two classes: “Club Classic” is old-style business class with fares roughly equivalent to Premium Economy; and “Club Premier” which provides flat-bed seats at a lower price than Business Class on BA, Cathay or Virgin.
The airline is well-established and has much stronger financial backing than Oasis, so there is no risk of them going bankrupt, but it remains to be seen whether it will be successful. Gatwick is a smaller airport than Heathrow, which can be good (less time spent in the airport) or bad (if you want a big choice of connecting flights).
If you are travelling to Central London there’s no big difference – both airports have fast train services to a London terminus (and slower, cheaper, stopping services). Heathrow is on the tube network, but Gatwick has direct train services to various locations to the south. Both are next to motorways (M25 & M4 for Heathrow, M23 for Gatwick), so it really depends where you want to go.
Meanwhile, Cathay has started adding Premium Economy cabins to its long-haul flights. Virgin Atlantic has been offering Premium Economy between Hong Kong and London for 18 years, and British Airways has also been offering it for many years, so what took Cathay so long?