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4G auction misses target

Telecoms regulator Ofcom said its auction of 4G airwaves raised £2.3 billion, with the winning bidders named as O2 parent Telefonica, Hutchison 3G, Vodafone, EE and a subsidiary of BT. The Government had hoped to raise £3.5 billion.

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Labour: Missed 4G target 'another blow' to Osborne

Labour said the government raising £2.3 billion in the 4G auction instead of the £3.5 billion that was budgeted was a "blow" to George Osborne's economic plan.

This is yet another blow to George Osborne’s failing economic plan.

It shows how foolish and short-termist the Chancellor was to bank this cash in the autumn statement to make his borrowing figures look less bad.

He couldn’t bring himself to admit that borrowing was up so far this year but his trickery has now badly backfired.

– Rachel Reeves MP, Labour’s shadow chief secretary to the Treasury

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