The recalcitrant nature of telcos is that they always believe they are invulnerable to change and they can always call the government’s bluff and this week’s move by the UK regulator Ofcom, is little more than a shot across the bows of the UK incumbent telco, British Telecom, after it tried to call Ofcom’s bluff. Ofcom this week decided to require the legal separation of OpenReach from BT, but so far it is as a subsidiary, and entirely within the BT group. It clearly does not address the issues about governance, and whether or not cash supply can be wrested away from the BT cashflow, whether or not the parent board can intervene in its business, and having a management…