The report, based on a survey of 2,500 tech decision-makers across Europe said that 85 per cent of firms think old-school networks are dragging down their chances of capitalising on AI. 

Ericsson found that nearly seven in 10 UK companies reckon 5G is the best bang-for-buck investment over the next year. That’s ahead of robotics at 45 per cent and even the all-hyped AI at 42 per cent.

More than 28 per cent of UK outfits directly blamed flaky connections for lost earnings and 46 per cent said it jacked up operational costs. A cheery 31 per cent think it's increasing waste, which won’t thrill their sustainability officers.

Energy and healthcare are tipped to benefit the most if anyone ever gets 5G working properly. About 86 per cent say the utilities sector could use it to sort out ageing energy infrastructure, while 88 per cent say it’s key for tech upgrades in the NHS. 

Ericsson’s sales EMEA boss Paul McHugh said, “It is clear from this report business leaders are increasingly aware of the benefits and importance of having robust and future-proof connectivity infrastructure. However, numerous barriers persist, ranging from complex regulatory and telecom environments to a lack of skills within enterprises.” He reckons firms should start by finding partners to fix their skill shortages and build something that actually works.

Despite the European Commission insisting that net neutrality rules aren’t an obstacle, 35 per cent of firms still think they are and 38 per cent say upgrading networks is too complex. 

Johns Hopkins and other analysts have already pointed out the EU’s snail-paced regulatory machine is holding everyone back. Meanwhile, 71 per cent of firms admit poor rural connectivity is wrecking their ability to monitor emissions, which is a problem if they  care about hitting net zero targets before the ice caps melt.