BT claims Labour nationalisation plan would cost up to £100bn – business live

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Rolling coverage of the latest economic and financial news, including reaction to Labour’s pledge to bring BT under partial state ownership if elected

9.01am GMT

BT rival TalkTalk is holding off on a decision to sell its own infrastructure arm to see how this whole Labour plan pans out.

TalkTalk chief executive Tristia Harrison told Reuters:

Our discussions are very advanced, and yes, the news overnight of course is making everybody in the sector pause and consider.

We were really close, really close, but I think something of this sort that is in the news, obviously everybody is pausing, considering, digesting and working out what it means.

Revealed: The sale of TalkTalk’s ultrafast broadband network, FibreNation, to Goldman Sachs-backed rival CityFibre Holdings has been delayed until after next month’s general election following Labour’s pledge of free broadband for all by 2030. https://t.co/8PSsGQgSol

8.51am GMT

More comments from Labour’s shadow chancellor, who is now speaking to Sky News.

He says the Labour pledge to establish a company called British Broadband from nationalising BT’s Openreach, follows similar models in countries like South Korea.

That’s exactly what pension funds and other shareholders are saying they need at the moment. It will be a good deal.

We can’t afford not to do it…we’ve fallen behind global competitors.

I’ve been touring around the country and you know even in some of our city areas they’re not connected up…this is good for the economy.

Continue reading…Rolling coverage of the latest economic and financial news, including reaction to Labour’s pledge to bring BT under partial state ownership if elected 9.01am GMTBT rival TalkTalk is holding off on a decision to sell its own infrastructure arm to see how this whole Labour plan pans out. TalkTalk chief executive Tristia Harrison told Reuters:Our discussions are very advanced, and yes, the news overnight of course is making everybody in the sector pause and consider.We were really close, really close, but I think something of this sort that is in the news, obviously everybody is pausing, considering, digesting and working out what it means.Revealed: The sale of TalkTalk’s ultrafast broadband network, FibreNation, to Goldman Sachs-backed rival CityFibre Holdings has been delayed until after next month’s general election following Labour’s pledge of free broadband for all by 2030. https://t.co/8PSsGQgSol 8.51am GMTMore comments from Labour’s shadow chancellor, who is now speaking to Sky News. He says the Labour pledge to establish a company called British Broadband from nationalising BT’s Openreach, follows similar models in countries like South Korea. That’s exactly what pension funds and other shareholders are saying they need at the moment. It will be a good deal. We can’t afford not to do it…we’ve fallen behind global competitors.I’ve been touring around the country and you know even in some of our city areas they’re not connected up…this is good for the economy. Continue reading…

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