1149 GMT - Liberty Global's cost-cutting plan for its U.K. joint venture with Telefonica, Virgin Media O2, risks exposing the company to its competitors, Bernstein's Ulrich Rathe writes. The proposal for 800 million pounds of cuts by 2029 for Virgin Media O2 could turn management's attention inward and open up an opportunity for BT Group, the analyst writes. Rathe questions whether the cost cutting is due to capital structure issues--which it sees as a problematic reason--or because of identified inefficiencies, which the analyst sees as a good cause. "We believe stopping the fiber upgrade... risks losing competitiveness over time, a widespread experience of cable operators facing fiber competition," Bernstein adds.