nted by BT as signifying its final transformation from 'a traditional telecoms company to a leading provider of converged networked services'. So, did the UK tax payer get a good deal and has the process of liberalisation generated additional value and if SO who owns that value. Well, the transformation of the UKs telecom- munications infrastructure did not happen and it is still unclear how BT can finance this and still live with a Universal Service Obligation that includes the requirement to deliver broadband to remote rural areas. On the 14 May 2009 Felixstowe TV (yes it really exists) had a gloomy announcement BT said today that it expects to cut a further 15,000 jobs over the next year, following 15,000 job losses already over the last year (including agency staff) and reported annual losses of £134 million. The company, which currently employs around 147,000 people, including 3,000 in research and development at Adastral Park in Martlesham Heath, says the losses are mainly due to BT Global Services, which provides IT network services to large companies. BT said that it aims to "work closely with unions" and that it has no plans for compulsory redundancies. 14.5 The Correlation of Success and Failure with R and D Spending The Post Office had bought a disused airfield in Martlesham in 1968 as a new home for what had previously been the Dollis Hill Research Centre (in Dollis Hill in North West London). BT Martlesham built on the Dollis Hill legacy to create arguably one of the best telecommunication research centres in the world. In 2006 BT was still able to claim a world leadership position in R and D9 and was able to claim second position to NTT in terms of absolute spend though with this equating to 3.7% of 9 http://www.btplc.com/Innovation/News/investment.html Making Telecoms Work BTs turnover and 2.9% of NTTs turnover. The R and D spend had doubled from a 2001 level of £361 million. To quote the 2006 DTI Press release; BT director of research and venturing Mike Carr said: "Our increased R&D spend is a cle