Labour Party pledges free broadband for UK homes and businesses if it wins election

15 Nov 2019

Plans for the creation of a new British broadband public service are set to be outlined by the UK’s Labour Party today (15 November), with a promise of the provision of free pure fibre broadband for every home and business to be achieved by part-nationalising BT. According to the Guardian, Labour leader Jeremy Corbyn will unveil the plans in a speech and is expected to confirm that, should his party win next month’s general election, it would look to nationalise BT’s network unit Openreach as part of the plans. With the infrastructure provider said to be valued at between GBP12 billion and GBP15 billion (USD15.4 billion-USD19.2 billion), parliament would ultimately decide the rate of compensation per the renationalisation plans, with government bonds to be issued to shareholders.

The Labour Party is also expected to say it has estimated the capital cost of rolling out full fibre broadband at GBP15 billion, on top of the GBP5 billion already earmarked by the incumbent government for the expansion of full fibre broadband coverage, the funding for this will reportedly come from a ‘green transformation’ fund.

United Kingdom, BT Group (incl. Openreach), Openreach