Virgin Media has announced a new slab of broadband investment, which it claims is the single largest investment in broadband infrastructure in the UK for over ten years.
Called Project Lightning, the idea is to hook up another four million premises to Virgin cable by the year 2020 – bringing the total number of households and businesses with access to Virgin Media’s fibre up to 17 million in five years’ time.
The scheme will be backed with £3 billion worth of private investment, and a report from economic consultants Oxera reckons it will boost the UK economy to the tune of £8 billion. Project Lightning will create 6,000 new jobs across the UK, including upping the number of Virgin Media apprenticeships to 1,000 over the next five years.
Virgin cable offers a top of the line package which hits 152Mbps, significantly faster than BT’s premium FTTC offering (in fact twice as fast).
David Cameron commented: “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.”
“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.”