Labour’s Corbyn pledges BT nationalization to provide free internet for all


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Labour’s Corbyn pledges BT nationalization to provide free internet for all

On Friday, the 15th of November 2019, UK’s opposition Labour Party had revealed a plan to nationalize a network of BT Broadband, owned by the BT Group, aimed at proffering free internet for all if it could take the office following December 12th snap election yielded by the hard-Brexiteer British PM Boris Johnson in a bid to smoothen up Britain’s departure from the European Union, remarking a radical electoral pledge by the UK Labour of Corbyn to ward off a 35 years of private ownership of BT Broadband, which eventually had sent shockwave into the UK market and caught both the management board of the company alongside its shareholders off-guard.

Aside from that, according to UK’s Labour’s election pledge to nationalize BT Broadband that revealed on Friday (November 15th), UK’s Labours had proposed a sweeping overhaul of the privately owned telecom infrastructure, while the UK opposition had been planning to pay off for the free broadband by heightening taxation on tech firms likes of Alphabet Inc.

owned Google LLC., Amazon.com Inc. alongside Facebook Inc. as well a its Green Transformation Fund. On top of that, Labour’s pledge to nationalize BT Broadband came forth at a time, while it was slightly behind the ruling conservative of PM Boris Johnson according to media opinion polls up until now, nonetheless, the election-oriented promise of UK Labour to nationalize the BT Broadband had wiped out nearly half billion pounds of market valuation of the internet service provider at a single session, while London-listed Class A Common Stock of BT Group had rounded off Friday’s (November 15th) market 1.15 per cent down to £193.00 per share in extended trading after taking a header of as much as 3.7 per cent earlier in the session.