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Virgin Media O2 plans thousands of job cuts in £800m cost drive

The company says £300m of its £800m cost drive will come from a 30% wage bill cut; it has not specified job numbers, and reporting estimates up to 25% of its 16,000 staff could be affected.

Published Nov 3, 2026 · 11:43 UTC2 reports

The short version

  • Virgin Media O2 plans to cut thousands of jobs as part of an £800m cost-cutting drive aimed at its £22bn debt pile.[The Guardian]
  • The company says £300m of the savings will come from cutting its employee wage bill by 30% over two years, mainly in non-customer-facing roles.[The Guardian]
  • The company has not specified how many jobs will go, and a fuller update on its strategic plan is due in the coming months.[The Guardian]

Key facts

  • Virgin Media O2 plans to cut thousands of jobs as part of an £800m cost-cutting drive to tackle a £22bn debt pile.[BBC News · The Guardian]
  • The company says £300m of the savings will come from reducing its employee wage bill by 30% over two years.[The Guardian]
  • The company did not specify how many jobs the cuts equate to.[The Guardian]
  • Reporting estimates the cuts could reach up to 25% of the company's 16,000-person workforce.[The Guardian]
  • The company says most job losses will come from non-customer-facing roles and that it will expand its use of AI tools.[The Guardian]
  • As of 30 June, the company's total debt was £27.2bn against £45.9bn in assets, according to its latest accounts.[BBC News]
  • The Prospect union, which represents staff, described the cuts as disappointing and very unsettling.[BBC News]
  • The Competition and Markets Authority has provisionally found competition concerns in the deal to buy Netomnia, with a final decision due in December.[BBC News]

What remains uncertain

  • The company has not specified the number of jobs to be cut; the up-to-25% figure is a reporting estimate, not a company statement.[The Guardian]
  • A fuller update on the strategic plan is due in the coming months, so the scope and timing of the cuts remain unclear.[The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.