The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBT Share News (BT.A)

Share Price Information for BT (BT.A)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 105.10
Bid: 105.00
Ask: 105.10
Change: 0.00 (0.00%)
Spread: 0.10 (0.095%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 105.10
BT.A Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UK's Labour Party Promises Free Broadband, To Nationalise Parts Of BT

Fri, 15th Nov 2019 06:52

(Alliance News) - Labour has promised a British Broadband public service that will deliver free full-fibre internet to every home and business by 2030, if it wins the general election.

The party intends to bring parts of BT into public ownership under plans it said will result in a massive upgrade in the UK's internet infrastructure.

The multibillion-pound plan – one of the major announcements of the election campaign so far – will aim to put an end to patchy and slow coverage, boosting 5G connectivity across the country.

Jeremy Corbyn will make the announcement in Lancaster on Friday and describe the new free public service as central to Labour's plans to transform the country and economy, bringing communities together in an "inclusive and connected society".

Labour said it will be paid for through the party's Green Transformation fund and taxing corporations such as Amazon Inc, Facebook Inc and Google – adding it will save the average person GBP30.30 a month. Google is a part of Alphabet Inc.

They said there would be a one-off capital cost to rollout the full-fibre network of GBP15.3 billion, in addition to the government's existing and not yet spent GBP5 billion commitment.

The rollout would begin with communities that have the worst broadband access, including rural and remote communities and some inner city-areas, followed by towns and smaller centres, then by areas currently well served by superfast or ultrafast broadband.

In a speech on Friday, Corbyn will say the internet has become such a central part of our lives, adding: "That's why full-fibre broadband must be a public service, bringing communities together, with equal access, in an inclusive and connected society.

"It's time to make the very fastest full-fibre broadband free to everybody, in every home in every corner of our country."

The party aims to deliver free full-fibre broadband to all individuals and businesses by 2030, with the plan being to integrate the broadband-relevant parts of BT into new public entity, British Broadband.

One of the goals is to deliver the service to at least 15-18 million premises within five years.

Shadow chancellor John McDonnell told the BBC the GBP20 billion plan was "visionary", adding that they will "issue bonds for shares".

But Julian David, CEO of tech trade association techUK, said: "These proposals would be a disaster for the telecoms sector and the customers that it serves.

"Renationalisation would immediately halt the investment being driven not just by BT but the growing number of new and innovative companies that compete with BT.

A BT spokesman said: "It should be a top political priority to super-charge the roll-out of full fibre broadband and 5G right across the UK so we can build the digital economy of the future.

"Whatever the result of the election, we'd encourage the next government to work with all parts of the industry to achieve that. It's a national mission that's bigger than any one company."

Shadow health secretary Jonathan Ashworth told BBC's Newsnight the plan would be "transformative for our economy".

Nicky Morgan, Secretary of State for Digital, Culture, Media & Sport, said: "Jeremy Corbyn's fantasy plan to effectively nationalise broadband would cost hardworking taxpayers tens of billions.

"Corbyn is clearly so desperate to distract from his party's divisions on Brexit and immigration that he will promise anything, regardless of the cost to taxpayers and whether it can actually be delivered. What reckless idea will be next?"

Sam Gyimah, Liberal Democrat shadow secretary for business, energy and industrial strategy, said: "It might be a Christmas election, but this is getting silly. Another day, another unaffordable item on the wish list.

"Wasting billions of taxpayer funds to nationalise BT, won't solve the connectivity issues faced by so many of our rural communities."

Meanwhile, John le Carre and Joanna Lumley are among 24 public figures declaring their refusal to vote for Labour because of its association with anti-Semitism.

In a letter to the Guardian, the group said the path to a more tolerant society "must encompass Britain's Jews with unwavering solidarity" and said Corbyn has "a long record of embracing anti-Semites as comrades".

Elsewhere, Nigel Farage said there had been "thousands of phone calls and emails" to prospective Brexit Party candidates from the Conservative side telling them not to stand in the general election in return for jobs and peerages.

In a video posted on Twitter, he said that he, along with eight "senior figures" in his party, were offered peerages.

A Conservative spokesman said: "Neither the Conservative Party, nor its officials have offered Brexit Party candidates jobs or peerages."

By Catherine Wylie, PA

source: PA

Copyright 2019 Alliance News Limited. All Rights Reserved.

More News
1 May 2024 09:26

LONDON BROKER RATINGS: UBS double upgrades AJ Bell to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
4 Apr 2024 15:58

London close: Stocks manage gains ahead of US payrolls report

(Sharecast News) - London markets closed higher on Thursday, driven by a robust showing from the mining sector and as investors contemplated the UK services sector's latest figures.

Read more
4 Apr 2024 11:56

BT Group shares ripe for a re-rating, says JPMorgan

(Sharecast News) - Shares of BT Group appear heavily undervalued and "ripe for a major re-rating", JPMorgan Cazenove said in a note on Thursday.

Read more
4 Apr 2024 08:47

LONDON MARKET OPEN: Shares rise despite US interest rate unease

(Alliance News) - London's FTSE 100 edged higher on Thursday morning, despite lingering US interest rate worries hanging over equities, while gold notched another record high in earlier trade.

Read more
2 Apr 2024 12:24

Heathrow executive Emma Gilthorpe to take the helm at Royal Mail

(Alliance News) - International Distributions Services PLC's Royal Mail has ended its hunt for a new top boss after appointing Heathrow Airport senior executive Emma Gilthorpe to the helm at a crucial time for the postal service.

Read more
28 Mar 2024 15:46

IN BRIEF: BT Group CEO Allison Kirkby buys GBP55,000 in shares

BT Group PLC - London-based telecommunications operator - Chief Executive Allison Kirkby buys 50,000 shares at GBP1.09 each, worth GBP54,500, in London on Thursday.

Read more
4 Mar 2024 11:52

LONDON MARKET MIDDAY: Stocks mostly lower ahead of UK Spring budget

(Alliance News) - Stock prices in London were mostly lower at midday Monday, as the week started off on a quiet note ahead of a busy week of monetary policy decisions and economic data from across the globe.

Read more
4 Mar 2024 08:59

LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
4 Mar 2024 07:41

LONDON BRIEFING: Stocks called down; attention on UK's spring budget

(Alliance News) - Stocks in London are called to open lower, ahead of a busy week of economic news.

Read more
21 Feb 2024 15:01

London close: Stocks mixed ahead of Fed minutes, Nvidia results

(Sharecast News) - London's stock markets closed with a mixed performance on Wednesday, as investors awaited updates from the US Federal Reserve and results from AI chipmaker Nvidia.

Read more
21 Feb 2024 09:45

Iconic BT Tower to be turned into hotel in £275m deal

(Sharecast News) - BT Group said on Wednesday that it has agreed to sell the BT Tower to MCR Hotels for £275m.

Read more
21 Feb 2024 09:03

BT Group to sell BT Tower to MCR Hotels for GBP275 million

(Alliance News) - BT Group PLC on Wednesday said that it has agreed to sell the BT Tower to MCR Hotels, which plans to preserve the building as a landmark hotel.

Read more
20 Feb 2024 17:25

IN BRIEF: BT CEO Allison Kirkby buys GBP428,000 in shares

BT Group PLC - London-based telecommunications operator - Chief Executive Allison Kirkby buys 400,000 shares at GBP1.07 each, worth GBP428,000, in London on Tuesday.

Read more
14 Feb 2024 15:17

PRESS: Brussels open to telecoms mergers to support investment - FT

(Alliance News) - Brussels has signalled it is open to European telecoms mergers to help fund the rollout of 5G and update ageing networks, a report said Wednesday.

Read more
2 Feb 2024 16:59

London close: Stocks mixed as US payrolls come in red-hot

(Sharecast News) - London's stock markets closed with mixed results on Friday, as investors were confronted by an unexpectedly strong US labour market as revealed in the latest US non-farm payrolls report.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.