BT disappointed by Ofcom pension veto

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The Independent Online

The communications watchdog yesterday blocked BT from raising its wholesale prices to help fill the £3.8bn black hole in its pension fund.

Ofcom rejected pleas from the telecom giant to change the way it treats pension costs following consultations last December and in July, saying it saw no reason to change its approach. The prices charged by Openreach, BT's wholesale division, are set by the regulator. BT said it was disappointed by the ruling, adding that it would review the decision before deciding on its next step.