The government is expected to raise over £22 billion from the sale of airwave licences for the next generation of mobile telephones.
The entire yield from corporation tax is only £30 billion. This windfall is more than enough to wipe out the need to issue any of the £12 billion of gilts planned for this year.
This significantly larger than expected contribution to the Treasury could add an extra £147 a year to mobile telephone bills, according to analysts.
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