Former CBI chair Soames handed lobby group £750,000 loan
The former head of the CBI has handed the business lobby group a six-figure loan as it continues to cut its cost base following the scandal which brought it to the brink of collaps
By Sky News
Former CBI chair Soames hands business group £750,000 loan
Former CBI chair Lord Soames has provided the Confederation of British Industry with a £750,000 loan as the organisation continues efforts to reduce its costs.
The loan comes as the business lobby group works to recover from the financial impact of a scandal that brought it close to collapse in 2023.
The CBI has been cutting its cost base as it attempts to stabilise its finances. Lord Soames, who previously chaired the organisation, is understood to have provided the six-figure sum to support it during that process.
The CBI was plunged into crisis in 2023 after allegations of sexual misconduct and rape were reported involving people connected with the organisation. The group lost members and faced significant financial pressure before its then director-general, Tony Danker, resigned.
The organisation later appointed a new leadership team and began restructuring its operations. The latest loan forms part of the continuing effort to keep the group operating while it reduces spending.
The CBI represents businesses and campaigns on economic and political issues. Lord Soames, a Conservative peer and former chairman of the organisation, has been involved with the group’s leadership during the period since the scandal.
The loan is valued at £750,000. No further details about its repayment terms or the CBI’s response were available in the supplied report.