Britain’s opposition Labour Party plans to nationalize BT’s broadband network to provide free internet for all
LONDON - , a radical election pledge to roll back 35 years of private ownership that caught both the company and its shareholders by surprise.
Labour said it would nationalize Openreach - the fixed-line network arm of the country’s biggest broadband and mobile phone provider - as well as parts of BT Technology, BT Enterprise and BT Consumer to created a “British Broadband” public service. The cost of nationalizing parts of BT would be set by parliament and paid for by swapping bonds for shares, Labour said.
TalkTalk said on Friday a deal to sell its FibreNation business had stalled after Labour’s announcement. Labour, led by 70-year-old socialist Corbyn, has been open about its plans to nationalize the rail, utility and water companies as well as to increase taxes on the wealthy, but has never suggested nationalizing BT’s assets before. BT was taken surprise.
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