Telecoms target

BT ‘stretching resources’ with fibre and pension plans

Openreach worker

Openreach will extend the fibre network

BT’s plan to extend to its full-fibre broadband to 25 million premises over the next five years and tackle its debt and pension deficit represent ‘significant drains on its financial resources, according to key analyst.

The telecoms giant said it aims to hit its new target through its Openreach independent network arm.

The company said 7,000 roles will be engaged in the fibre roll-out.

Philip Jansen, the chief executive of BT Group, said: “BT is already building more full-fibre broadband to homes and businesses than anyone else in the UK.

“Today we are increasing our FTTP [fibre to the premises] target from 20 million to 25 million homes and businesses to deliver further value to our shareholders and support the Government’s full-fibre ambitions.”

BT Sport

BT Sport’s future was not mentioned in today’s statement

BT also said it was on target to wipe out the £8bn pension deficit by 2030.

Otto Thoresen, the chairman of the BTPS Trustee board, said a new funding solution was “fair and affordable”.

The former Aegon CEO said: “Good progress has been made since the last full valuation in 2017. The deficit-reduction plan is on track with the Scheme set to be fully funded by 2030.”

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