UK's Ofcom proposes changes to cut mobile network operators' costs by 40 million pounds

(Reuters) - Britain's media regulator Ofcom on Friday proposed changes that could reduce the costs paid by mobile network operators to use certain spectrum bands by around 40 million pounds ($50.54 million) annually.

A mobile network operator is charged annual licence fees for the use of three spectrum bands, which currently sit at around 320 million pounds a year.

Ofcom is proposing a 21% reduction in the licence fees for two spectrums and a 12% increase for the third, which could potentially save mobile network operators millions of pounds every year. ($1 = 0.7915 pounds)

(Reporting by Yamini Kalia in Bengaluru; Editing by Savio D'Souza and Abinaya Vijayaraghavan)