Rake’s progress

Sir Michael Rake’s plans for BT have the feel of Groundhog Day. The UK telecoms operator’s chairman designate is talking of gearing up the group to fund acquisitions. That’s the kind of attitude which led BT into trouble in the dotcom boom. Buying stakes in foreign operators, while letting domestic operations slip, left the company £30bn in debt in 2001 and without the cash to meet its interest bill. Clearing up the mess required a rescue rights issue and its exit from the up-and-coming mobile m...