[dspillett]

"As little as" is doing a lot of work there. £1..£5 will be a special special price, maybe there will be one in that price range per flight to justify the claim.

Also, that will just be the seat price not the whole ticket price. Try booking anything on their cheapest rates and when you get to the screen where you pick seat preferences you'll find there will never be any that are free (cheaper seats are included in the ticket price for higher priced tickets that include some luggage allowance, and on that screen you can opt to pay extra to get on/off faster or have a few mm more leg room).¹

I wouldn't be surprised if the standing "seats" don't get even the minimum carry-on bag allowance of current seats, and there is an extra charge of you want that back.

Furthermore, on top of that each of those extra passengers is an opportunity to levy any number of other extra optional charges (that might not be all that optional for many passengers).

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[1] last time I looked at flights with them this seat price disparity took away a fair chunk of the price difference between the lowest rate and the next up, and if you wanted any luggage the cheaper flights were more expensive in total.