Related Articles
THE new boss of crisis-hit CBI has said she’s “profoundly sorry” about the lobby firm’s rape and misconduct scandal — and is determined to rebuild the organisation.
Rain Newton-Smith, who started yesterday, also defended the business group’s work as “the best and brightest in policy”.
3
She added: “I want to recognise the courage of the women who came forward, and say how profoundly sorry I am. I hope to reward your bravery by finding a better path forward.”
The future of the CBI has been plunged into doubt after 65 British members severed ties in the wake of a second workplace rape allegation.
Business chiefs say it can no longer effectively represent them.
Baroness Helena Morrissey told The Sun this week “it’s over” for the CBI, while Chancellor Jeremy Hunt said there was “no point” engaging with it.
A rival group, BIZ UK, has already been set up.
CBI president Brian McBride admitted he did not know if the group could win back trust after an investigation found it had hired “toxic people” and allowed the men accused of sexual misconduct to stay on.
Ms Newton-Smith, the new director general, has already come under fire from critics who say she should not have replaced ousted boss Tony Danker as she’s an insider.
She worked as chief economist at the CBI for nine years, including the period when the most serious allegations occurred.
However, the boss of GlaxoSmithKline, Dame Emma Walmsley, said the drug giant would remain a member — unlike other female-run businesses such as NatWest, Aviva and John Lewis Partnership.
While she labelled the allegations “shocking and repulsive”, she added: “Once we have seen what corrective action is in progress, we’ll reassess what our position is going forward.”
GSK is recovering from its own sexual misconduct scandal.
LOST ITS SPARKLE
MARKS & Spencer’s boss claims London’s Oxford Street is a “national embarrassment” due to shop closures and “tacky candy stores”.
Stuart Machin said the iconic retail hubt has failed to return to pre-pandemic levels and is “on life support” after closures of House of Fraser, Debenhams, and Topshop.
He wants a redevelopment of M&S’s Marble Arch store but Levelling Up Secretary Michael Gove has delayed a decision by three months.
M&S will invest £12.5million in London stores this year.
Brawl of duty
BOSSES at Call of Duty game maker Activision Blizzard have accused the UK of being “clearly closed for business” after the regulator blocked a £55billion takeover by Microsoft.
The Competition and Markets Authority yesterday torpedoed one of the biggest tech deals in history — saying it would lead to less competition in the growing cloud computing market. Microsoft has vowed to aggressively appeal the findings.
3
Activision Blizzard, which also makes World of Warcraft and Candy Crush Saga, was hoping the deal would create a gaming giant for Microsoft’s Xbox consoles.
The parties had already offered to keep the video games available on rival Sony’s PlayStations in the face of vigorous lobbying by the Japanese company.
Activision said the CMA findings were “a disservice to UK citizens, who face increasingly dire economic prospects”.
It added: “We will reassess our growth plans for the UK. Global innovators large and small will take note that despite all its rhetoric, the UK is clearly closed for business”.
Boss Bobby Kotic said that if the decision holds, it would “stifle investment, competition and job creation throughout UK gaming”.
FEELING SQUEEZE
THE average household is £23 a week poorer as Brits battle the soaring cost of essentials, according to ASDA data.
Those in the South East are the worst hit — with disposable income down £58 a week.
Asda’s Income Tracker stats show the average home has £213 a week left after paying bills and taxes — based on a total income of £934 a week — compared to £236 a year ago.
The figures come a day after the Bank of England’s chief economist Huw Pill — on £190,000 a year — told Brits to “accept they’re worse off”.
NETFLIX’S £1.2BN A YR UK SPEND
STREAMING giant Netflix has revealed it invests almost £1.2billion a year making series and films in the UK.
The maker of hits including The Crown and Squid Game said last night that it was “deeply committed to the UK”.
3
Netflix has enjoyed recent acclaim in Britain — winning seven Baftas for its film All Quiet On The Western Front earlier this year.
Anne Mensah, vice president of Netflix content in the UK, said: “I’m incredibly proud to announce that between 2020 and 2023, we will have invested almost £4.8billion creating Netflix series and films here.”
In 2019, Netflix invested only around £500million.
Prime Minister Rishi Sunak welcomed the increase, saying it reveals the “sheer strength of our TV and film industry, as the largest in Europe”.
Britain’s creative industry currently employs more than two million people.
