Upgrade to Openreach ultrafast full fibre broadband ‘could deliver £66bn boost’

Upgrades to Openreach’s ultrafast full fibre broadband could deliver a £66 billion boost to the UK economy in the next few years, research suggests.

The upgrade is expected to drive productivity gains and improvements to public services, including supporting more than 620,000 people back into the workforce, according to a report.

It was also estimated that more than a million people will be able to work from home with better connectivity.

Clive Selley, chief executive of Openreach, said: “Our new full fibre network is a growth and prosperity engine.

“This report highlights how it will create jobs, enhance connectivity, and drive economic improvements across each nation of the UK, but continued investment depends on a stable policy and regulatory environment.”

Openreach’s new full fibre network is available to more than 16 million homes and businesses across the UK and the company aims to reach 25 million by 2026, and 30 million by the end of the decade.

The research, conducted by the Centre for Economics and Business Research and Stantec, estimated that full fibre rollout could add £66 billion to the UK economy by 2029.