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She added that BT is "delighted" with tax relief on infrastructure investment in the Spring Statement and UK planning reforms.

"At the moment, like the country, we are focused on getting BT back to growth," she said.

Allison Kirkby, chief executive of BT, said the tax changes, which will cost the firm £100m, will mean it speeds up job cuts it was already planning.

The next morning, the numbers were staggering: more than two million Britons were now BT shareholders.

The UK's competition regulator said the BBC, BT, IMG and ITV must pay a combined £4.24m after being found to have shared information about fees for freelance workers including camera operators and sound technicians.