Holly Williams

Ofcom has provisionally found that Openreach’s “New To Openreach” full-fibre discount offer is not fair and reasonable and could undermine rival broadband networks by targeting new customers with discounts of up to £9.50 per month for up to 30 months. The regulator is consulting on blocking the offer, with a final decision expected by the end of September 2026. Openreach says it is disappointed and rejects Ofcom’s analysis, while Virgin Media O2 and Nexfibre argue that tougher action is needed against what they see as a broader strategy to entrench BT’s market position and restrict wholesale competition.

Barratt Redrow plans to return £400 million to shareholders through a major buyback programme and dividends after pressure from activist investor Phoenix Asset Management Partners, which argues the company is undervalued. Outgoing chief executive David Thomas said expanded buybacks offer the best route to long‑term value and signaled further efficiency measures ahead. Shares rose despite significant declines over the past year as the firm warned of rising build costs, minimal house price inflation, and economic uncertainty linked to the Iran war. Barratt expects higher completions and an increase in annual profits, while continuing to manage supply chain volatility and cost inflation ahead of a leadership transition to incoming chief executive Dean Banks.

UK housebuilding activity fell at the fastest rate of the year in June as the construction PMI remained deep in contraction despite a slight improvement from May’s low. Housebuilding and civil engineering saw the steepest declines, while commercial construction recorded a slower downturn. Analysts said the sector may be stabilising, however rising input prices and weak demand continue to weigh on activity. Supply chain pressures eased and business optimism rebounded, though firms cited subdued housing sales, high interest rates and reduced public sector opportunities as ongoing challenges.