BT broadband jobs bonanza

7,000 NEW STAFF IN FULL-FIBRE PLANS

BT revealed plans to create 7,000 jobs yesterday – by ramping up the rollout of superfast broadband.

The new roles, not all within BT itself, came as it upped a target for the number of homes and businesses that can get full-fibre by five million to 25 million by the end of 2026.

The new aim hikes the cost of the rollout by £3billion to what BT chief executive Philip Jansen admitted was an “eye watering” £15bn.

BT is considering a tie-up with another firm to help fund the extra cost, with massive tax savings from Chancellor Rishi Sunak’s “super deduction” on investments also a big boost.

BT needs to convince households to shell out extra for full fibre.

At the end of March, 4.6 million premises could get access to it, but only 900,000 were signed up. The BT rollout plans emerged as the firm revealed the coronavirus crisis saw annual profits dive 23% to £1.8bn, with revenues falling 7% to £21.3bn. The firm is in talks about the future of its BT Sport arm which, Jansen admitted, could potentially involve selling it. That’s despite the Premier League announcing yesterday that BT Sport and rivals had agreed to roll over their existing television deal for a further three years.

BT has also announced an agreement to tackle the near-£8bn black hole in its pension fund. It includes payments secured on mobile phone arm EE.

Jansen insisted the combination of that, regulatory settlements and the broadband plan means “BT is back on the front foot”.

But it seems investors weren’t so sure after its share price tumbled 6% yesterday.