BT Announces £3bn Cost-Cutting Plan as Profits Drop 31%

CEO Allison Kirkby outlines strategy to double cash flow, streamline operations, and focus on UK market by 2029.

BT aims to cut £3bn in costs by 2029 after achieving an earlier £3bn savings target ahead of schedule.
Company plans to reduce workforce by up to 55,000 jobs, with 10,000 roles replaced by AI.
Shares surged up to 17% following the announcement, marking a significant one-day gain.
BT's full-fibre broadband rollout has reached 14 million premises, with a target of 25 million by 2026.
Revenue rose by 1% to £20.8bn, but pre-tax profits fell to £1.2bn due to a large writedown and rising interest rates.