Our network is a fantastic asset. But it’s an asset that we have to continue to develop to ensure that it continues to meet our customers’ changing needs. And given that the job of transforming our network is at least equal to our network modernisation programmes of the 1980s and 1990s, we need to combine a clear, customer-driven view of the future with financial discipline now.

Our existing network has more than 29 million connections that we have to take forward into the new-wave future. But, from now on, we are going to be refocusing our investment away from today’s circuit-switched technology, in order to be able to spend more on IP (internet protocol) and packet-based technologies.

We believe that our customers want a network that will enable them to shop online, surf the internet, send messages, play games, watch videos, listen to music, access information and - as ever - talk to each other. And they want to be able to do these things wherever they happen to be.

Businesses also want a new generation of low-cost and flexible services. They want to be able to deal in large volumes of information quickly and accurately.

What all customers want is a complete communications service that’s easy to access and simple to use.