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11/15/2019, 12:44 PM (Source: TeleTrader)
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BT shares fall on Labour's free broadband promise

Shares of British telecommunications giant BT Group plc dropped over 2% on Friday after Labour Leader Jeremy Corbyn vowed to partly nationalize the company in order to provide free internet to the people if he wins the upcoming general election in December.

"A Labour government will make broadband free for everybody. And not just any broadband, but the very fastest, full-fibre broadband, to every home in the country," Corbyn stated and announced plans to cover the costs by taxing large tech companies such as Google and Facebook rather than customers.

BT traded 2.35% lower at 12:28 pm CET.

Breaking the News / NP