UK competitiveness minister Stephen Timms wants telecoms companies to invest in faster broadband networks, warning that current speeds could imperil the country’s economy. Timms who has identified broadband as a “key future technology” that will allow “businesses to grow innovate and create wealth”, called a meeting today with telecoms companies BT, (NYSE: BT) Virgin Media, (NSDQ: VMED) BSkyB, (NYSE: BSY) Vodafone (NYSE: VOD) and Carphone Warehouse, to discuss building future networks, as FT.com reports.

SEE ALSO: Ofcom Sets Out Stall For Super-Fast, IPTV-Friendly Broadband

Broadband speeds in the UK can be highly variable. Ofcom reported in September the average broadband speed was 4.6Mbps. Other reports put the actual average speeds achieved at a much slower 2Mbps to 3Mbps. Ofcom itself noted in a recent Consumer Experience report that advertised headline broadband speeds don’t always reflect actual speeds delivered.

Timms calling the summit is an indication the work of the Broadband Stakeholder Group, which has been calling on government and Ofcom to create a framework in which UK broadband speeds reach those of South Korea, is filtering up to decision makers. His idea is “to consider the circumstances that might trigger public sector intervention, the form that intervention might take and at what level it might sensibly take place” (via IT Week). That’s code for “if the telcos don’t quicken their networks and hand over the keys to competitors, Ofcom should legislate to that effect”.