Business
KPMG and NatWest return to CBI fold in boost for scandal-hit group
A big four audit firm and one of Britain’s high street banks have resumed their membership of the CBI, delivering a boost to the scandal-hit lobbying group’s hopes that it can recover its long-standing influence in government.
Sky News has learnt that KPMG and NatWest Group returned to being full members of the CBI this month, 18 month after suspending their engagement during the sexual misconduct crisis which brought it to the brink of collapse.
Addleshaw Goddard, the City law firm, has also resumed its membership, according to people close to the CBI.
The trio join others, such as AstraZeneca, Drax Group and Unilever, have also drifted back under the organisation’s umbrella in recent months, The Times reported recently.
However, Aviva, the FTSE-100 insurer which was the first break ranks and publicly cancel its membership in April 2023, is understood to have resisted overtures to return from Sir Rupert Soames, the CBI chairman.
The crisis at the CBI – the self-styled ‘voice of British business’ – left it teetering on the brink of financial collapse.
It had to be bailed out by new borrowing facilities extended by NatWest and other high street banks, traditionally some of its most visible members.
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The organisation, which has begun to regain influence in Whitehall, has embarked on a radical restructuring, including slashing its workforce and closing a number of its overseas offices.
Later this month, the CBI will hold its annual meeting, which will provide members with further insight into the current state of its finances.
It briefly entertained talks last autumn about a merger with Make UK, the manufacturers’ body, but these were abandoned.
None of the companies contacted by Sky News would comment, while the CBI also declined to comment.