One of the end results of 5G should be a devaluation of operators’ overall spectrum holdings. While their sub-2 GHz bands – exclusively licensed for the most part, and in relatively short supply – are likely to remain high value items on their asset sheets, many 5G deployments are focused on higher frequency, higher capacity spectrum. This is unlikely to be as expensive to buy, or as valuable as an asset, because of its more plentiful nature, and because of changes in regulatory thinking. If 5G is to deliver the ambitious objectives set for it by many governments, in terms of social and economic impact for citizens and for many industries, its must be able to be deployed cost-effectively by…