£3bn to be invested in UK broadband networks by Virgin Media - Trust a Trader
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Virgin Media has announced that it is going to invest £3bn in updating its broadband network, bringing fast fibre optic connections to within reach of 4 million more homes, and creating 6,000 new jobs in the process.
The investment is said to be the biggest made in broadband infrastructure within the UK for over ten years.
The reported 6,000 jobs will be created over the course of 5 years and will include 1,000 apprenticeships.
The fibre optic network developments will allow even more people to access 'superfast' broadband than even the government's rollout, which has already reached more than 2 million homes and businesses.
The company is currently expanding its coverage across around 110,000 homes in east London, Sunderland, Teesside and Glasgow.
Virgin Media claim this investment in connectivity for homes and businesses will be worth £8bn in value for the UK economy.
However, critics have pointed out that the investment will be mainly involved with filling in gaps in the current network coverage, rather than expanding further out into more rural areas, which have been generally neglected by companies such as Virgin and BT.