AT&T will be back for Vodafone Meanwhile, watchdogs are poring over Telefonica's acquisition of Germany's E-Plus, a deal which would take the number of operators there from four to three. That decision could set the tone for a future regulatory regime across Europe, which could change anyway with a new European Commission in place towards the end of the year. With so many unknowns, as well as valuations that have not been seen since the end of the telecoms bubble at the turn of the century, an imminent bid from AT&T was always unlikely, but Monday's announcement makes a future deal no less possible. The American giant's chief executive, Randall Stephenson, is set on expanding into Europe, and Vodafone presents the easiest way to do that. Shareholders awaiting a payday may just need a little patience. North Sea oil has to tap into political uncertainty Attracting new investment into North Sea oil and gas is hard enough without the added complication of political risk. Britain's major offshore hydrocarbons basin is already one of the most challenging regions of the world for international oil companies to operate in; now it could become one of the most politically unstable. On Monday at a Chatham House energy conference dedicated to the Middle East, a region bedevilled by instability, Energy Minister Michael Fallon hinted that Britain can no longer claim to be an island of certainty for the oil industry while the issue of Scottish independence remains unsettled. Just days after opening up a new licensing round that should attract fresh investment into the energy sector, Mr Fallon warned that September's referendum could put that investment at risk. Oil companies need political certainty if they are going to commit billions of pounds of shareholders" money into the North Sea, which, after 40 years, is entering its final few decades of production. In areas of the Middle East, with low production costs and vast reserves, companies are prepared to take higher levels of risk for a share of the riches on offer under the deserts of Arabia. The same cannot be said for the frigid waters of the North Sea, despite its past record as a beacon of stability. There was record investment of £14bn to the North Sea last year, but oil and gas executives at Monday's event privately voiced greater anxiety over the outcome of the referendum than even a few months ago. Many fear a "Yes" vote could lead to a plundering of their revenues; Alex Salmond has put oil at the centre of his economic case for independence, telling Scots the remaining reserves would be worth £300,000 per person. More than 40bn barrels of oil equivalent have already been produced from the North Sea and estimates of remaining reserves are between 12bn and 24bn, based on what might be viable to extract at current oil prices. Aberdeen's oil services industry has benefited in recent years from oil prices comfortably trading above $100 (£60), but output of oil from the North Sea has fallen by 38pc since 2010. Despite the potential of shale oil and gas, conventional extraction from the North Sea remains important for our energy security. By 2020, 47pc of the UK's oil consumption will be met by imports - up from 26pc in 2012. Amid the uncertainty over Mr Salmond's intentions, a report by Sir Ian Wood on the future of the North Sea, will be published this week. His proposals could unlock another 4bn barrels of oil equivalent from the North Sea, extending the lifespan of rigs and securing jobs across the UK. The same outcome cannot be guaranteed from the referendum. Brussels remains key in the battle to cut red tape David Cameron has hailed Britain's entrepreneurs as "heroes and heroines" who keep the blood pumping through the UK economy. He was right to do so. The small business community consists of 4.9m companies, employing 11.4m people with a turnover of £1.1 trillion. At the inaugural Federation of Small Business policy conference, he promised to scrap, or amend, 3,000 pieces of regulation, saving £850m a year. However, as the entrepreneur network E2E pointed out, this is only 1pc of the £80bn burden of regulation on these companies. And, while efforts to reduce needless rules, particularly in the areas of employment law and planning regulation, are to be welcomed, the Government's Red Tape Challenge applies only to domestic regulation. The question is: how much power can a British leader wield in Europe? Last year, Mr Cameron persuaded 12 member states to sign up to British demands to put growth first and regulate less, securing exemptions for the smallest firms. But it remains to be seen whether the recommendations of his business taskforce, which cover 30 separate areas - for example, saving £2.7bn for small firms in low-risk sectors across Europe by exempting them from keeping written health and safety risk assessments - are adopted. Whatever Ken Clarke may say, the real challenge is to force a change of culture in Brussels. Victory on the Home Front will not be enough.