The future's deflationary
Back in first grade I learned that if you mix red with yellow, you get Orange. Like I said yesterday, as a newcomer trying to come into this space, Vodafone is going to have to float like a butterfly and sting like a bee, as well as run very fast - and do some M&A. I will publicly eat my shorts if both T-Mobile and Telefonica don't hit the UK with something similar by year-end, and there are not many DSL assets in the market which could give them a reasonable shot at success. Almost needless to say, this also further complicates life for BT's mobile efforts.