Virgin Media is to invest £3bn in improving its broadband infrastructure, the biggest such UK investment in over a decade, in a move that is expected to create 6,000 new jobs and expand services into four million more homes.
With the support of parent company Liberty Global plc, Virgin Media unveiled “Project Lightning”, which will extend its fibre optic network to four million more UK homes in the next five years. The telecoms giant currently has five million customers.
This announcement has been endorsed by Downing Street. Prime Minister David Cameron said: “I welcome this substantial investment from Virgin Media which is a vote of confidence in our long-term economic plan to support business and create jobs by building a superfast nation backed by world-class infrastructure.
“These 6,000 new jobs and apprenticeships will mean financial security and economic peace of mind for thousands more hardworking families across the country.”
Virgin Media’s fibre-rich network boasts speeds of 152Mb, at least twice as fast as the fastest speeds available from BT, TalkTalk and Sky.
As the UK is the world’s most internet-based major economy, Virgin Media believes a robust broadband infrastructure will be increasingly central to the country’s growth.
Tom Mockridge, Virgin Media chief executive, said: “Millions of homes and businesses will soon be able to benefit for the first time from broadband speeds at least twice as fast as those available from the other major providers.”
Virgin Media have said network expansion will be prioritised according to demand from households and companies, and have urged communities who want better connectivity to register their interest.
DTG Staff | 13.02.2015