There are some mutterings this morning that Sir Mike Rake (TS cannot, under any circumstances, call him Sir Michael - sorry, it wouldn't be right) may not have the right experience in becoming chairman of BT, given his lack of public company jobs in the past.

TS thinks there's one sense in which KPMG and BT are quite similar, though. One is facing questions over its domination of the market, and the other is, er, facing questions over its domination of the market.

KPMG obviously participates in something of a humble oligopoly, of course, whereas BT is a big old monopoly. A step up, then, in more ways than one.