Telecoms and governments go together like smartphones and teenagers. Just ask Vodafone. It is in the middle of a tricky turnaround plan, but the signal is being distorted by interventions from politicians and regulators in Germany and the UK. Not all of them are helpful.

Take the changes to Germany’s cable television laws. Fees for TV services can no longer be bundled with rent at housing associations, and many tenants are opting to switch provider. That was writ large on Vodafone’s earnings on Tuesday, since Germany makes up 42 per cent of its preferred measure of ebitda. Overall that came to €5.4bn in the first half — roughly flat year on year. The shares fell 6 per cent.

The German law, effective from July, had at least been well signalled, and Vodafone chief Margherita Della Valle isn’t changing her forecasts of how the company will perform this year. She’s also selling some underperforming assets and raising money; €4.1bn from the sale of Vodafone Spain, €1.3bn from the sale of a stake in Vantage Towers.