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BT Group shares slip on after Labour vows to partially nationalize telecom provider

Shares of BT Group PLC fell as much as 3.6% on Friday before recouping losses after the U.K. Labour Party said it plans to partially nationalize the telecommunications provider if it wins the Dec. 12 General Election. The remarks came from an excerpt of a speech planned for Friday by Labour leader Jeremy Corbyn. Labour wants to bring parts of BT's digital into public ownership in order to bring "fast and free fiber-broadband" internet for all, starting with regions that have the worst broadband access. The plan will be paid for through Labour's Green Transformation fund and by taxing U.S. multinational corporations Amazon , Facebook and Alphabet parent Google , the speech said. Those companies did not immediately respond to a request for comment. "It should be a top political priority to super-charge the roll-out of full fibre broadband and 5G right across the U.K. 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," said BT in a statement. Read More...

Shares of BT Group PLC fell as much as 3.6% on Friday before recouping losses after the U.K. Labour Party said it plans to partially nationalize the telecommunications provider if it wins the Dec. 12 General Election. The remarks came from an excerpt of a speech planned for Friday by Labour leader Jeremy Corbyn. Labour wants to bring parts of BT’s digital into public ownership in order to bring “fast and free fiber-broadband” internet for all, starting with regions that have the worst broadband access. The plan will be paid for through Labour’s Green Transformation fund and by taxing U.S. multinational corporations Amazon , Facebook and Alphabet parent Google , the speech said. Those companies did not immediately respond to a request for comment. “It should be a top political priority to super-charge the roll-out of full fibre broadband and 5G right across the U.K. 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,” said BT in a statement.

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