Britain’s BT announced that it would roll out fiber broadband to 20 million homes and businesses this decade after the regulator gave it flexibility on pricing needed to underpin the £12 billion pound (US$16.8 billion) cost of the plan, reported Yahoo.
Shares in the company rose to a near 13-month high on Thursday, March 18, as the move will allow BT to charge broadband providers more for premium services to help fund its investment. They were up 0.9% in afternoon deals.
Chief Executive Philip Jansen said it was “the greenlight we’ve been waiting for to get on and build like fury.”
“Full fibre broadband will be the foundation of a strong BT for decades to come and a shot in the arm for the UK as we build back better from this pandemic,” he said.
Regulator Ofcom will give companies flexibility on the pricing of their fastest services for the long term, along with measures to protect competition.
“We aim to allow all companies the opportunity to achieve a fair return over their whole investment period, and do not expect to introduce cost-based prices for fibre services for at least ten years,” it stated.
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