NEWS BULLETIN

Mobile Firm To Shed An Eighth Of Its Workforce

Mobile operator Virgin Media O2 is to cut up to 2,000 UK jobs – around 12% of its total workforce – by the end of 2023. The figure includes 800 role reductions that were already announced.

The British company, was formed in 2021 after a merger between mobile operator O2 and broadband giant Virgin Media. The job cuts are due to the ongoing integration of those two businesses, as well as a wider drive to ‘improve efficiencies’. A Virgin Media O2 spokesperson said: “As we continue to integrate and transform as a company, we are currently consulting on proposals to simplify our operating model to better deliver for customers, which will see a reduction in some roles this year.”

Largest Uk Debt Ever

The UK is on track to incur the highest debt interest costs among developed nations this year as constantly high inflation and an unusually large proportion of government bonds linked to price rises damage the public finances.

The Treasury is on target to spend £110bn on debt interest in 2023, according to a forecast by Fitch. At 10.4% of total government revenue, that would be the highest level of any high-income country. The UK claims the unwanted top spot after economic improvements by Iceland. In 2016, Iceland imprisoned 26 bankers on charges of a variety of offences for their part in the 2008 banking crisis.