O2 UK is saving the bulk of its marketing resources heading up to Xmas for the iPhone, hardly surprising considering the effort it took to get the deal. Apple (NSDQ: AAPL) will also kick in for the multi-million pound ad campaign, which will begin two weeks before the launch date of the iPhone in Britain on November 9. “O2 UK Chief Executive Matthew Key told a journalists on Tuesday it would be the company’s “most significant campaign” in the run-up to the key Christmas trading period—but that it would cost well short of 20 million pounds ($40.8 million)” reports Reuters. Key said the iPhone would “absolutely” be profitable for the telco, saying he “believed 80 percent of O2 UK’s high-value customers wanted an iPhone, while 40 percent of the higher-spending customers on rival networks would be prepared to switch operators to get the handset”. He didn’t provide any basis for these figures, at least none that was reported by Reuters (NSDQ: RTRSY).