Sometimes you have to say what you think, and let posterity be the judge. I do not believe there will be a break-up of BT, as a consequence of the Ofcom review. Most of its markets are becoming more competitive — the EE purchase takes it into mobile phones, which is among the most competitive there is.
Time will tell. As an enforced dismemberment of a successful business, it would be unprecedented. Still, if you took my advice and bought at the start of the year at about 400p, with the shares at 453p, off 1¼p, you could take profits if you think a break-up will happen.
BT’s figures show that while the previously weaker parts of the business are stable, the consumer side,