Re: This sort of crap @Colin
The National Grid is not a good comparison.
National Grid moves electricity from the electricity generating companies to the regional electricity distribution network operators, so they own and operate a large part of the pylons that you see striding across the country.
The regional electricity distribution network operators (in my region, that is Western Power Distribution) own and operate all of the local distribution network, which in the telecommunication industry is often called (inaccurately) the Last Mile, which links all of the consumers.
I agree that we could see a similar tiered structure in the UK for telecommunications, where you would have regional companies operating all the hardware and lines linking the exchanges and the consumers, and trunk companies operating the inter-exchange networks, with the overall service being provided by virtual operators who use the facilities operated by the other two, but I think that is a very different proposition to the one you propose, one that the US tried to follow and failed at.