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The UK’s opposition Labour party has promised it will give free full-fiber broadband to every home and business in the country if it wins Britain’s upcoming December elections.
The party said it would nationalize part of UK telecoms firm BT to achieve its goal, and introduce new taxes on Silicon Valley tech giants like Apple and Facebook to fund the network’s maintenance.
Labour’s shadow chancellor John McDonnell told BBC News the plan would cost £20 billion ($25.74 billion), but would ensure that fast internet speeds were available in every corner of the UK.
“It’s visionary I accept that, but other countries are having these visions and we’re not,” said McDonnell.
The announcement took the business world by surprise, with shares in BT dropping four percent in early trading before recovering to a roughly two percent fall.