I assume you are talking about Cornwall, so this reply is written on that basis...
Whatever the reasons are, they aren't financial.
They kinda *are* financial reasons, but they're all predicated in different worlds.
The Cornish commitments made by BT came at the time they were expecting to use FTTP for something like 20% of the country, and will have been made to fit the thinking of the time.
At the time, G.fast was no more than a glimmer in the eye of best copper researchers - and I don't think BT expected it to lead to much; most certainly not the kind of results they now believe they can get out of G.fast++
So, whatever FTTP deployments we see in Cornwall, we have to understand they were made with a very different nationwide mindset, and a very different financial model. And we don't know how that model intended to grow beyond 20% over the years.
The subsequent counties (including the neighbouring one) have been using later business models where, with the existence of G.fast as a viable upgrade, FTTC is even more financially preferable.
A technology that only BT seems to publicly support,
Except that, as other telcos are getting to see G.fast with the same level of intimacy that BT has (as a co-developer), they're considering it too. NBN are trialling it, and DT are considering it too.
http://www.lightreading.com/gigabit/dsl-vectoring-gfast/nbn-looks-to-gfast-to-reduce-fiber-hassle/d/d-id/718859?http://www.lightreading.com/gigabit/dsl-vectoring-gfast/dt-eyes-gigabit-gfast-in-germany/d/d-id/719337?will probably cost about as much as FTTP (all things considered),
Some modelling for Amsterdam suggested that FTTdp cost less than half that of FTTP - with DPU placement much closer (hence more expensive) than BT seem to be considering.
is equally, if not more labour intensive to get near the home
That'd be interesting to see. I'm sure the addition of 28 million extra lengths of fibre (each between 35m and 300m) might just take a teeny bit of extra labour. Plus making, and keeping, 28 million appointments with householders & business owners.
and with none of the futureproofing or inherent simplicity of PON.
I'm not sure why the idea of getting fibre even deeper into the network isn't considered "future-proofing".
What BT seems to be doing is a breadth-first, stepwise deployment. There are speed improvement benefits at each step, across the breadth - though the deployment model looks poor if you believe there won't be steps in the future.
Full FTTP is a stepless, depth-first deployment. There is no intermediate benefit to a subscriber until his line is deployed; some sub-2Mbps lines would be left untouched for perhaps 20 years.
I'm not entirely convinced it is a better deployment model.