Senior executives at telecommunications companies across the country eagerly scrutinised Ofcom's long-awaited report this week. The report, released on Thursday, was meant to usher in a new era of telecoms regulation in the UK.

The new regulatory blueprint represents one of the most fundamental changes to Britain's telecoms rules since BT Gorup was privatised 20 years ago this week. It will require BT to introduce sweeping changes to its organisational structure and encourage it to open up its monopoly network to rival suppliers. Analysts say that the new regime, called "equivalence" because it will force BT to offer the same wholesale services to its rivals as it sells to its own consumer arm, could radically change the telecoms landscape.