Painful cuts ahead, IoD warns staff

Lobby group to slash costs as income collapses
The institute has warned its 150 employees that Covid-19 has resulted in an “immediate and significant impact on our income”
The institute has warned its 150 employees that Covid-19 has resulted in an “immediate and significant impact on our income”
CLIFF HIFDE/REX FEATURES

One of Britain’s leading business lobby groups is in crisis because of a collapse in income and falling membership.

The Institute of Directors has warned staff to prepare for “painful” cuts representing up to half its wage bill as the 117-year-old organisation looks to slash costs.

The cutbacks raise questions about the future of the institute. Along with the CBI, British Chambers of Commerce and Federation of Small Businesses, it is one of the “Big Four” lobby groups representing the voice of business.

The institute has often shown itself to be more independently minded than its counterparts, speaking out on issues such as excessive executive pay and weak governance in businesses including Sports Direct.

The group has warned its 150 employees that Covid-19 has resulted