How do you put a price on a telecoms spectrum licence? Chinese operators have picked them up for free — part of Beijing’s attempt to have a national rollout of 5G. Yet in parts of Europe recent auctions have been so expensive that at least one company has had to cut shareholder dividends. In the US — where President Donald Trump has declared that “ the race to 5G is a race that America must win” — spectrum licences are being sold at historically low prices.

The answer to the question will determine not just the future of the technological resource— referred to as the “lifeblood of the mobile industry” — and the operators themselves, but will also have a major impact on the next stage in the development of the digital economy.

Carriers argue that 5G will offer a faster and more reliable service for everything from video streaming to advanced virtual reality experiences. Governments see the “race” to the new network technology as fundamental to ushering in a world of smart cities, autonomous cars and automated factories where faster, more responsive networks can handle huge amounts of data generated by new industries.