Virgin Media has announced a £3 billion investment in the UK’s broadband infrastructure.
The largest investment for more than ten years will see Virgin Media extending its fibre network to an additional four million premises over the next five years, reaching a total of 17 million premises by 2020.
According to economic consultancy Oxera, the investment will produce a further £8 billion in economic activity and it is claimed that 6,000 jobs will be created.
Households now connecting to Virgin Media will have access to broadband speeds of 152Mbps.
The headline-grabbing announcement comes in the wake of EE’s pledge earlier this week to pour £1.5 billion into the country’s 4G infrastructure over the next few years.
Prime Minister David Cameron took the opportunity to weigh in on the announcement, commenting: "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."
The current Conservative leader also added: "Together with this Government’s rollout of superfast broadband which has now reached more than two million UK homes and businesses, this additional private investment will create more opportunities for people and businesses, further boosting our digital economy and helping secure a brighter future for Britain."
Tom Mockridge, Virgin Media Chief Executive Officer, 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. Consumers and business owners who want to make the switch to better broadband speeds now have an alternative; you can call on Virgin Media to ‘Cable My Street’."
