Virgin Media O2 has confirmed plans to cut thousands of jobs as part of a drive to save around £800 million a year by 2029. The telecoms company announced the plan on 3 November 2026 alongside its third-quarter results, and said it would also halt investment in upgrading its network to full fibre.

About £300 million of the annual savings is expected to come from a smaller workforce, cutting the company's wage bill by 30% by 2029. Virgin Media O2 employs around 16,000 people in the UK and has not confirmed how many roles will go, but says most of those affected will be in non-customer-facing roles, with head-office, IT and support functions expected to bear the brunt. Senior leadership positions have already been cut.

Why the company says cuts are needed

Chief executive Lutz Schüler said market conditions, the regulatory backdrop in fibre and technological change meant standing still was not an option, while acknowledging the decisions were tough. The company reported a 3.5% drop in revenue in the third quarter and a 2.6% fall in adjusted core earnings to £995 million. It also lost 23,300 broadband customers and 7,800 consumer mobile customers in the quarter to the end of September.

Weekend reporting by Sky News had suggested up to 4,000 roles could be at risk — around a quarter of the workforce. That figure is a report, not a company confirmation, and should not be treated as the final number. The company says there are no plans to close any of its UK offices, which include sites in London, Reading, Leeds, Manchester and Glasgow, and that most affected staff will be told by February, when it gives more detail alongside full-year results.

Unions urge a voluntary approach

The Communications Workers Union said the announcement would leave members stressed and worried about their long-term prospects, and urged the company to explore a voluntary approach. Prospect warned the proposed cut in workforce costs would be devastating for those directly affected and would drastically alter how the company works, while saying the union stands ready to work with the employer.

Sources: Personnel Today, Virgin Media O2 to cut thousands of jobs in savings drive, 3 November 2026; BusinessLive, Virgin Media O2 plans thousands of job cuts, 3 November 2026.