Money digest: today’s need-to-know financial news | 5 May 2016

If you’re frustrated about the slowness of your internet connection, take heart from this morning’s news that BT is to spend £6 billion over the next three years to roll out faster broadband and mobile phone services. BT has reported a 15 per cent rise in annual profits to £3.03 billion, helped by stronger demand for broadband and TV services despite criticism by consumer groups for high prices, slow broadband speeds and poor customer service. Total sales rose 6 per cent to almost £19 billion. Meanwhile, another £450 million is being set aside to compensate Clydesdale Bank customers for mis-sold payment protection insurance. It will take the total cost of mis-selling various financial products at the bank to £2.1 billion. Most of the money is coming from the National Australia Bank, former owner of the Glasgow-based lender. The Melbourne bank announced this morning that it made a half-year loss. The Times reports that pension investigators could latch on to the support provided by Sir Philip Green to BHS in the four years before its controversial sale for £1 to force the billionaire businessman to pay millions of pounds to fill a hole in the retailer’s retirement fund.