Hurrah for O2!

Announced today (FT page 21), Telefonica is axeing its spanish division as a standalone business and establishing a digital division in London, which will see 2,500 staff relocate to the UK!

It's all thanks to the success of 02, which, coincidentally, is the most awarded brand in the IPA Effectiveness awards, which now makes up the bulk of Telefonica's European operations.

Telefonica Digital will launch, from London, services based on digital advertising, entertainment, financial services and cloud computing.

Good news for the UK's reputation and profile as a creative and innovation hub to the world. And good for employment too.