KPMG and NatWest Group have resumed their membership with the Confederation of British Industry (CBI), delivering a much-needed boost to the lobbying group as it continues its recovery from a sexual misconduct scandal that rocked its foundation.
The return of these prominent members, 18 months after suspending their engagement, signals renewed confidence in the CBI’s restructuring efforts and its attempts to restore its influence in government.
The CBI, often referred to as the ‘voice of British business’, has been struggling to regain its footing after a sexual misconduct crisis in 2023 brought it to the brink of financial collapse. In response, the organisation undertook a radical restructuring, which included workforce reductions and the closure of several overseas offices. It also secured new borrowing facilities from NatWest and other high street banks to avoid bankruptcy.
In addition to KPMG and NatWest, City law firm Addleshaw Goddard has also resumed its membership. They join companies such as AstraZeneca, Drax Group, and Unilever, which have also re-engaged with the organisation in recent months. Despite these positive developments, some companies, like Aviva, which was the first to publicly sever ties with the CBI in 2023, have not yet returned.
The CBI has slowly begun to rebuild its influence in Whitehall and is expected to provide an update on its financial position at its annual meeting later this month. Talks about a potential merger with Make UK, the manufacturers’ body, were briefly explored last year but ultimately abandoned.
Neither KPMG, NatWest, nor the CBI commented on the latest developments. However, the return of such high-profile members is seen as a crucial step in restoring the CBI’s standing in British business and government circles.
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KPMG and NatWest return to CBI, boosting recovery efforts for scandal-hit group