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Live news: Turkish inflation rises above 85% in October

BT will increase its cost-savings target by a fifth and push ahead with inflation-linked price rises in 2023 for most customers as it seeks to mitigate higher energy and inflation costs.

“We remain laser focused on modernising and simplifying BT Group,” Philip Jansen, BT’s chief executive, said in a statement on Thursday.

“Given the current high inflationary environment, including significantly increased energy prices, we need to take additional action on our costs to maintain the cash flow needed to support our network investments,” he said.

BT revised its cost-savings target from £2.5bn to £3bn by the end of 2025.

BT is embroiled in a pay dispute with staff, led by the Communication Workers Union, about a pay package offered in April. Last month, about 40,000 employees downed tools across four days, calling on Jansen to return to the negotiating table to talk about pay.

The group on Thursday posted second-quarter revenues…

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