BT MUST share its “pot of cash with struggling workers,” their union demanded today, after bosses threatened job cuts and price hikes.

The privatised firm warned it would leave “no stone unturned” to find an extra £500 million it claimed was needed amid soaring inflation and energy costs.

But the claim came as bosses reported a 1 per cent rise in revenues to £10.4 billion and assured shareholders that the company’s financial performance remains on track.

A spokesperson for the Communication Workers Union, which launched intermittent strike action at BT in July following an imposed below-inflation spring pay offer, urged management to reward its hard-working members “with their fair share.

“In an environment where BT’s workforce are struggling due to the cost-of-living crisis, it’s only right that it shares that pot of money with a workforce that has suffered real-terms pay cuts since 2020.”

The company’s “talk about further cost-cutting and shrinking the workforce concerns our members at a time when their morale is already at rock bottom,” the spokesperson stressed.

BT chief executive Philip Jansen said that “everyone is going to have to share the pain as inevitably” some roles would be cut — the group plans to slash £3bn in costs by the end of 2024-25, up from a previous target of £2.5bn.

The ominous statement followed a report from BT that it had seen an 18 per cent drop in pre-tax profits to £831m between April and September, with rising inflation a contributing factor.

Mr Jansen — dubbed “Foodbank Phil” by the union after the company opened foodbanks for its own staff – claimed he hopes to reduce the overall workforce through “normal staff turnover.”

Charges for most households will go up by 3.9 per cent on top of four-decade high price rises next year, the chief executive warned.