Virgin Media O2 plans thousands of job cuts, scraps fibre expansion amid UK competition

Virgin Media O2 is set to cut thousands of jobs and scale back its fibre ambitions as it seeks to increase its profitability in Britain’s fiercely competitive broadband and mobile markets.

The telecoms operator, which is jointly owned by Liberty Global and Telefonica, is being squeezed by the roll-out of rival BT’s national fibre network and scores of small “alt-nets” offering cheaper, faster connections.