You sure that was business (aka Upper Class) and not premium economy?

Upper Class is a very nice product, and their lounges are amongst the best, especially LHR.

That said, fairs have soared, yes, in part due to legally sanctioned collusion ("antitrust immunity") and much less competition.   (Virgin in bed with DL now, for example).

Northwest Airlines, 1926-2009. R.I.P.
Continental Airlines, 1934-2012.  R.I.P.