Liberty Global, the new owner of Virgin Media, has revealed plans to redirect some of the UK cable company's annual investment into broadband.

Mike Fries, Chief Executive of Liberty Global, told the Telegraph that he expects broadband prices to continue to fall in the future, having done so across the organisation's European markets for the last seven years.

"It's a fraction of what it was. It will continue to change and we see broadband speeds going nowhere but up," he explained. "That's a critical piece of the strategy here - to ride that wave."

Virgin Media currently invests around £750 million per year, with Mr Fries eager for more of this total to be spent on broadband improvements.

Last year, the communications provider completed a major upgrade programme that saw it roll out 100Mbps speeds across its network, which reaches more than half of all UK homes. The work was finished in spring, ahead of the original mid-2012 deadline.

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