UK 5G auction: O2 and the state win, Three and consumers lose

The UK auction of 2.3 GHz and 3.4 GHz spectrum has concluded at a higher cost than expected, with O2 winning the most and Three the least.
On offer was 40 MHz of 2.3 GHz band, to be used for 4G, and 150 MHz of 3.4 GHz band, to be used for 5G. The bidders were the four UK MNOs plus small-cell specialist Airspan. The total spent was £1.356 billion, well above previous estimates of £630 million to a billion, which might explain why Airspan didn’t end up winning anything.
The big w