The capex to revenue ratio of large European telecommunication firms shows different approaches in the cost of spending on infrastructure investments. Three out of six firms saw a post-pandemic peak in 2021 and are expected to have reduced spending thereafter. While BT, Vodafone, and Telecom Italia remain in a peak period of capital expenditure. Crucially, the overall picture does not show an increase in cost of capex in line with increasing internet traffic, taking the wind out of the sails of calls for ‘fair contribution’. A combined review of capital expenditure costs for six large European telco firms, BT, Deutsche Telekom (DT), Orange, Telecom Italia (TIM), Telefónica and Vodafone, shows a drop in spending in 2020 as a result of…