BT is to move out of its cathedral-like offices opposite St Paul's to help reduce overheads and raise cash.

The decision to sell and move out of the prestigious BT Centre is in addition to an earlier announcement to sell and leaseback the majority of its property portfolio.

The sale of property to the joint venture partnership between Land Securities Trillium and William Pears Group, confirmed last month, will reportedly raise £2 billion towards paying-off BT's £30 billion debt.

At this stage it's not known where BT's HQ staff will set up shop once they become homeless. ®