Captain Moonlight: At BT, it's just one long round of parties

WHEN IN London, do you ever raise your gaze to that mighty landmark, the British Telecom tower, and wonder what goes on up there at the revolving top of it? Well, the short answer is not very much. It was closed in the late Seventies because it was such an obvious terrorist target. But now and then there are what are described as 'private BT functions'. Every couple of months or so, for example, Sir Iain Vallance, the BT chairman, hosts an informal dinner party to talk about a particular theme.

'My wife, Elizabeth, and I always appreciate it when those invited can bring their partners,' writes Sir Iain, 'and we would be delighted if you and your wife could join us (in June) when we intend to take as our topic 'Crime'.'

So now you know. Up there, going round and round, every two months or so, putting the world to rights, are Sir Iain and Elizabeth and their guests. Spooky thought, isn't it?

Captain's Note: Last week BT announced pounds 2.76bn pre-tax profits. This year it expects to cut another 15,000 jobs. Sir Iain is paid pounds 465,000 a year and has been awarded a pounds 185,000 bonus.