Virgin Media to invest £3bn in broadband

Virgin Media and Liberty Global have announced what they are describing as the largest investment in the UK’s internet infrastructure for more than a decade, which will see £3 billion injected into the business’ fibre optic broadband network.

The move will increase the network’s reach from 13 million to 17 million homes and businesses by 2020, with broadband speeds of 152Mb – at least twice the fastest speeds available from competitors, according to Virgin.

The investment, which is expected to benefit the UK economy by £8 billion, has been welcomed by Prime Minister David Cameron, who said that it is a “vote of confidence” in the UK’s long-term economic plans to support business and build a “superfast nation backed by world-class infrastructure.”

Over the next five years, Project Lightning will also see the creation of 6,000 new jobs, including 1,000 apprenticeships.

“Our next-generation fibre-rich networks reach 50 million households across Europe, enabling our customers to discover and experience the endless possibilities of the digital world,” said Tom Mockridge, CEO of Virgin Media.

“After a record operating performance, Project Lightning is a significant investment that demonstrates the confidence we have in Virgin Media and the UK as a place to do business.”