What to do with the spectrum auction money

The auction of 800MHz and 2.6GHz frequencies, the so-called 4G spectrum, in November 2011, if it gets over the legal challenges put up by Everything Everywhere, the merged Orange/T-Mobile network operator, is likely to give government coffers a handy little fillip.
As communications minister Ed Vaizey told the Apcomm meeting yesterday, the money was likely to go to the Treasury, which is the bblakc hole where the £22.4bn from the 3G spectrum auction disappeared.
Many in the industry think it should have been ploughed back into the sector to help stimulate demand. We might have universal high speed mobile broadband coverage by now, they say. So they would like to see the coaltiion government take this lesson from the previous government. Except that Vaizey says it hasn’t even come up in discussion in the Cabinet.
To get the discussion started what about this: use the some of the money from the auction to buy Openreach out of BT (plant and equipment in BT’s balance sheet is worth £14.8bn), and use the rest to buy fibre and microwave towers for Openrearch to install, giving the mobile carriers first dibs on where to put them. And of course, make  it a condition of the 4G mobile licences that they cover the country’s broadband not spots first.
Anyone got a better idea of what to do with the money?