The UK telecoms market continues in its state of turmoil, with pay-TV provider Sky entering as an MVNO while incumbent BT continues to defend its ownership of its wholesale arm Openreach. UK regulator Ofcom has a shot across BT’s bows last week when it decided to require the legal separation of OpenReach from BT – though so far only as a subsidiary, and entirely within the BT group. Openreach will be set up with a majority of non-executive directors and the chairman unaffiliated to BT, but it cannot take on its own debt, without indebtedness at BT rising, and until that is the case, nothing much will change. This does not address some of the issues which have concerned competitors,…