
Ambition over-estimate...
Is this a post-QinetiQ-bargain-basement-sell-off bullish estimate of the value of the MOD's spectrum?
Who is going to buy, and what services are they going to push out? I think you'll find that companies haven't forgotten how the 3G auction went... and we're only just starting to see non-voice services marketed in a way that is actually affordable (yes, I'd pay £10 a month for mobile broadband)
Add in a slowdown in the economy and the potential for a recession and the chances of getting even half of the estimated figure is, IMHO, rather low.