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Big Boss Interview: Daily Summaries Delivered
by BBC News
Big Boss Interview is where the most high-profile chief executives and entrepreneurs come to give you their insights and experiences of running the world's biggest and well-known businesses. The series is presented by Sean Farrington, Felicity Hannah and Will Bain, who you'd normally hear presenting the business news on BBC Radio 4's Today programme as well as BBC 5 Live's Wake Up To Money. Each week they'll be finding out just what it takes to run a huge organisation and what the day to day challenges and opportunities are.
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- 1 weeks ago45 min
Budget Reaction Special
Chancellor John Healey's first Budget has won cautious approval from business. Leading figures say it was a relief, but warn that relief is not the same as ambition. In this Big Boss Interview Budget special, AO founder John Roberts, venture capitalist and founder of Passion Capital and NFG Ventures Eileen Burbidge and Rigby Group chief executive Steve Rigby agreed the chancellor had little room to move, however they disagreed on whether he made the most of what he had.Steve Rigby runs one of the UK's largest privately owned business groups, with interests across tech, property, aviation and hotels. He described the Budget as a "do-no-harm" statement that went a little further than expected. He pointed to the scale of the change: about £600m of tax rises next year, compared with nearly £40bn raised across the previous two Labour Budgets. He welcomed the absence of new taxes on employing people. He also welcomed a 3.9% rise in the national living wage, which he said was broadly in line with private-sector pay growth. For him, the Budget gives business a base of confidence to build on.Eileen Burbidge, founding partner of Passion Capital, said what was missing mattered as much as what was announced. Ahead of the Budget, investors had worried about higher capital gains tax, wealth taxes and exit taxes, any of which could have pushed money and talent abroad. None of them came. She saw the new founders' relief, which caps capital gains tax at 10% for qualifying entrepreneurs, as a step in the right direction. She also welcomed changes to employee share options, talent visas and fresh money for the National Wealth Fund. But she noted that the details of founders' relief are still subject to consultation. She said many in the sector had also hoped for relief on gains reinvested in new businesses, and that did not come.John Roberts was the most critical. He accepted that the chancellor was boxed in by world events and a lack of money. But he argued that the government had again failed to turn talk into concrete plans. He believes cost-of-living support on this scale will be quickly wiped out by any fresh rise in fuel prices. He thinks the government should focus on areas it can control. He dismissed founders' relief as a soundbite, saying no one should start a business because of a tax break. .The family business tax was a point of agreement. Rigby chairs Family Business UK. He welcomed a measure that protects transfers of family firms from new rules on business sales, but said the wider fight over the family business tax introduced in 2024 is far from won. Roberts said his own company is not family-owned, but argued that family firms tend to think longer-term, invest in their staff and support their local communities. He warned that once that network is damaged, it is very hard to rebuild.On growth, the panel was realistic rather than gloomy. The Office for Budget Responsibility expects the UK to grow by 1.2% this year, slowing to 1% next year and staying below 2% until 2031. Rigby argued that low growth is a problem across developed economies, not a uniquely British one. He said AI offers productivity gains that forecasters find hard to include. Burbidge pointed to Britain's universities, its cluster of tech talent and its position as the world's third AI power behind the US and China. That makes the UK hard for investors to ignore. Rigby raised the biggest unanswered question: whether AI-driven productivity will create jobs, or leave the country with a growing economy and rising unemployment.Households are under strain. Roberts described consumers as worried, with spending on non-essentials under real pressure. The OBR expects living standards to rise by just 1% over the decade from 2020. Rigby said inflation of 3.5% leaves very little room for real wage growth. He expects another year of pressure unless an end to the war brings energy costs down.Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones01:34 First reactions to the Budget 03:47 One million NEETs costing £125bn a year 13:08 Founders' relief dismissed as a soundbite 16:20 Exit taxes and the family business tax 20:52 OBR growth forecasts 25:17 Britain as a world centre for drug research 28:56 Robotics manufacturing and sovereignty 33:00 Living standards and real wage growth 40:53 Budget day in the war room
- 2 weeks ago35 min
Renault CEO: French Unrest & Europe's Moment of Reckoning
As France grapples with political instability, rising public discontent and student protests, Renault CEO François Provost says Europe is facing a moment of reckoning.In this edition of The Big Boss Interview, Theo Leggett speaks to the head of one of Europe's largest carmakers about the economic, industrial and political pressures reshaping the continent.Provost warns that European vehicle production could fall to around half its historic level after 2030 unless governments tackle the combined challenges of global competition, rising costs and industrial policy. He argues that decisions being taken today in Brussels, Paris and London will determine the future of an industry that supports millions of jobs across Europe.The Renault boss discusses the growing competitive threat from Chinese manufacturers, the future of electric vehicle regulation, and why he believes European policymakers need a more realistic approach to preserving the region's industrial base. He also reflects on the uncertainty created by political instability in France and elsewhere in Europe, and the risks this poses for businesses making long-term investment decisions.Presenter: Theo Leggett Producer: Olie D'Albertanson04:23 Developing cars in two years and learning from China 05:04 Can Europe beat China at its own game 05:28 Why Europe cannot compete with China on cost 06:10 The call for an EU–China investment deal 07:14 Jobs at stake in France and across Europe 08:13 European production could halve after 2030 09:09 Why EU and UK electric car targets are unrealistic 12:49 Cutting the ZEV mandate to 50% by 2030 13:11 The UK and Made in Europe 13:43 Disagreeing with the French government 15:08 Matching EU tariffs and quotas on Chinese imports 16:06 Closer UK–EU ties and rejoining the EU 18:04 Renault's engineering overhaul and union deal 25:46 Political instability in France 27:22 Students, the French elite and opportunity for young people
- 3 weeks ago46 min
Microsoft President: Britain Should Write World's AI Rules
Artificial intelligence is advancing faster than the safeguards around it, and industry self-regulation is "not sufficient any longer". That is according to Brad Smith, president of Microsoft. Speaking to Will Bain on BBC's Big Boss Interview, Mr Smith said the world should worry more about AI safety than about any previous generation of digital technology in his 33 years in the industry. Microsoft is one of the world's largest AI developers and an investor in OpenAI. Mr Smith's comments set out a position that goes beyond the "tremendous self-regulation" praised in a recent White House AI accord."Right now I'd argue that AI is moving forward faster than the speed of safety," Mr Smith said. "That's not good for the protection of the public. It's not even good for the industry itself."Mr Smith set out three measures. The first is a "safety brake or emergency brake" on any AI system controlling autonomous devices or critical infrastructure, an idea often described as a kill switch within the industry. He said it should sit in the companies running the models and in the cloud infrastructure they run on. The second is a legal obligation to report incidents: if AI agents "break loose" and break into systems, the victims should be told, as they are after a data breach.The third measure, which he called the biggest and most important, is whether government evaluators should have to sign off frontier models before release. "Just remember, right now, your washing machine is subject to more safety rules than AI," he said. He added that cartons of milk and passenger aircraft are subject to inspection and certification.He said the UK was the country best placed to lead. The AI Security Institute, he said, has the strongest technical capability in the world to test AI models: "It's the United Kingdom. They are the best." In his account, the US began building similar capability and then slowed down. Asked about Anthropic declining UK testing of one of its models, he said the question now was when developers should be required to satisfy a government regulator that a product is safe before it is released. He described Britain as "a bridge across the Atlantic and across the English Channel". He also noted that in Washington, people "don't look at London the same way they look at Brussels".Mr Smith also responded to Vice President JD Vance, who had accused Microsoft of abusing the H-1B visa system more than any other US company. Mr Smith said the vice president's staff "got the maths wrong". He said about 80% of the company's 6,000 visa applications were for existing employees, every green card applicant was already employed by Microsoft, and the company hired 9,000 Americans last year.On data centres, he said the cost of new grid capacity "should not be the neighbours… it should be the industry itself".Presenter: Will Bain Producer: Olie D'Albertanson Editor: Henry Jones
- 4 weeks ago51 min
London Stock Exchange CEO: Negative Headlines Drove Firms Away
Negative perceptions of London’s stock market influenced companies’ decisions about where to list, according to Dame Julia Hoggett, chief executive of the London Stock Exchange. Speaking on Big Boss Interview, she acknowledges that companies had delayed or considered listing elsewhere because of the narrative surrounding London, but says that reflected the mood three or four years ago.“Markets do operate on sentiment,” she says. “We need to stop throwing shade at ourselves as a nation and being a bit surprised if it’s a bit dark, a bit chilly and a bit damp.”Hoggett also argues that coverage of London’s difficulties does not fully reflect the scale of its markets. She says the London Stock Exchange is Europe’s largest equity market by capital raised that year, the world’s second-largest fixed-income market and its largest market for closed-ended funds. She also points to Britain’s record of creating and growing businesses, saying the country produces more companies valued at over $1bn than anywhere outside the United States and China.She challenges the assumption that British companies will necessarily perform better by listing in the US. Citing figures for a group of British businesses that raised money there since 2014, she says many have subsequently delisted and only a minority are trading above their listing prices.Hoggett also says regulatory reform needs to be accompanied by stronger incentives to invest in Britain. Her argument is that the country has substantial pools of savings and promising businesses, but too little domestic capital flowing into those companies.She wants a route towards abolishing stamp duty on share purchases, which she calls “a pernicious tax”. She proposes starting with relief for UK investment through ISAs and eligible pension funds, while acknowledging the revenue the government would lose. She also advocates a 10% dividend tax credit and inheritance-tax incentives linked to pension investment in Britain.Asked whether ISA tax advantages should be restricted to British investments, she says: “I genuinely think it’s worth looking at.” She maintains that she is not asking pensioners to accept lower returns, but wants the tax system to make investing in UK companies more attractive.Presenter: Will Bain Producer: Olie D'Albertanson Editor: Henry Jones
- Sep 29, 202639 min
EDF CEO: Another Energy Crisis is Coming
Britain is "walking into a second significant energy crisis", the boss of the country's largest electricity generator has warned. Simone Rossi, chief executive of EDF in the UK, told the BBC's Business Editor Simon Jack on the Big Boss Interview that household bills are forecast to rise by around 20% in January. Customers still owe more than £5bn from the last crisis, four years ago.Gas is driving the rise. Gas prices are up 25%, while the electricity part of the price cap is 4% lower than in January. His advice is blunt: where you can, choose electricity over gas. He blames wars hitting the world's two biggest gas suppliers at once (Russia and Qatar), which he calls "almost unthinkable".Closer to the UK, he is asked whether ministers should approve the Rosebank and Jackdaw fields, he says: "Green light. Absolutely. No doubt about it." With most homes heated by gas and most cars running on petrol or diesel, weaning Britain off fossil fuels will take decades. Until then, he argues, producing oil and gas at home keeps jobs and tax receipts in the UK and pollutes less than importing it. "It's a no-brainer."Nor does he expect relief soon. Ed Miliband promised bills £300 lower by the end of this parliament. Mr Rossi expects them to stay stubbornly high until 2030. Britain built an energy system for rising demand, but demand fell even as the economy grew by 30% and the population by about 10 million. The cause, he says, is deindustrialisation. The fixed costs of the grid are now spread across fewer users, and "somebody's got to pay".That explains the paradox of cheap renewables and expensive bills. Wind and solar are the cheapest power to produce, but cost is not the same as value. Electricity is hard to store and does not travel well, so every wind farm far from where people live needs costly cables, grid and storage. Last year Britain paid wind farms to switch off nine terawatt-hours of power while importing more than £40bn of fuel.His answer runs against intuition: more demand means lower bills. Ten million electric vehicles, two million heat pumps and more data centres would spread those fixed costs more widely. He wants ministers to move more policy costs from bills into general taxation, extend the zero VAT rate on electricity beyond April, and introduce a proper social tariff. Bills, he says, have become "a tool to pay for a lot of stuff", and that makes them regressive.Then there is the winter. Britain's gas storage is low, and relying on imports could mean "staggering" prices at peak times. "If we are caught short," he warns, "basically we are naked in front of the markets."Presenter: Simon Jack Producer: Ollie Smith & Olie D'Albertanson01:15 Why UK energy bills are so high 04:11 Why cheap renewables don't mean cheap bills 07:30 Walking into a second energy crisis 12:33 Paying wind farms to switch off 13:48 Rosebank, Jackdaw and the North Sea 17:20 Bills stubbornly high until 2030 21:58 Clean power 2030 versus reindustrialisation 27:41 Hinkley Point, Sizewell C and the cost of nuclear 32:28 Low gas storage and summer grid scares
- Sep 28, 202658 min
Aviva CEO: We're Building Uninsurable Homes
The boss of Aviva, Britain's biggest insurer, has warned that some homes being built today could eventually become impossible to insure because of flood risk.Speaking to Sean Farrington, Dame Amanda Blanc said Britain is continuing to build homes in areas exposed to flooding, despite the growing threat from climate change. Aviva estimates 6.3 million UK homes are already at risk of flooding, a figure it expects to rise to 8 million by 2050.She said insurance works by spreading risk across large groups of people, but once flooding becomes almost certain, cover becomes much harder to provide. She questioned why thousands more homes are still being built in flood-prone areas and called for greater care in planning decisions.Dame Amanda also used the interview to send a message to the Chancellor ahead of the Budget, urging ministers not to fuel speculation about changes to pensions. She said rumours before last year's Budget led many savers to make decisions they later regretted.The conversation also covers whether pension funds should invest more in UK infrastructure, the cost of regulation, why millions of people are not saving enough for retirement, and what businesses need from government to drive growth.And, after a turbulent period at BP, where she is stepping down from the board, Dame Amanda explains why she has no intention of discussing the oil giant's recent troubles.Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones01:55 Chancellor's speech and the end of coal mining 05:30 Aviva's £100bn UK investment and new industry 09:00 Heathrow third runway and backing big projects 11:20 Budget warning on pensions speculation 14:25 15 million people not saving enough for retirement 20:00 Are insurance premiums working for customers 22:39 Rising flood risk 25:40 Homes that could become uninsurable 26:57 Super El Niño and preparing for extreme weather 28:54 The Aviva turnaround 36:31 BP board exit and questions on leadership 45:15 Welsh Rugby Union and governance 50:10 Sexist comments at her first AGM 52:17 Opportunities for young people and business as a force for good
- Sep 23, 202641 min
Sage CEO: Don't Build Data Centres in UK
The chief executive of Britain’s biggest listed technology company has questioned the government’s push to build more data centres, arguing that the UK does not have the scale to become a truly sovereign AI nation.Steve Hare, chief executive of Sage, says Britain should be realistic about where it can compete.He argues that data centres themselves are simply infrastructure and do not give the UK control over the underlying technology. If Britain wants greater technological sovereignty, he believes it would need to work with larger economies rather than try to build the whole AI stack alone.Instead, Hare thinks the bigger opportunity is in applications: using increasingly cheap and widely available AI models to build products that solve real problems for customers.He points to the rapid fall in the cost of leading AI models and believes much of the value will ultimately sit with the companies building useful services on top of them.His caution is informed partly by experience. Hare was finance director of Marconi when the dotcom bubble burst in 2001. Looking at the huge sums now being spent on AI infrastructure, he thinks much of that capacity will eventually be used, but not necessarily at today’s prices.He is also worried about the wider UK economy.Sage provides accounting, payroll and finance software to millions of small and medium-sized businesses, giving Hare a close view of what is happening inside companies. Its data suggests profits are rising faster than revenues, with many business owners holding on to cash rather than investing.Hare says uncertainty around tax and economic policy is making that caution worse. He is particularly critical of repeated speculation over capital gains tax, which he believes risks pushing entrepreneurs to build their next businesses elsewhere.He also points to Britain’s long-running problem with scale. The UK creates large numbers of new businesses, but relatively few grow into major global technology companies before being sold, often to overseas buyers.Hare is due to meet the new prime minister at Number 10 and says the government now needs to make some difficult choices.His central message is that stronger growth is the only sustainable answer to rising spending pressures, borrowing costs and the demand for higher public revenues.And his advice to both business leaders and government is simple:“Be bold and be paranoid.”Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones01:47 AI hype and the pace of change 08:14 How AI will change work 09:18 Growth as the UK's biggest challenge 15:03 Tax speculation and entrepreneurs moving abroad 19:35 Apprenticeships and employment rights 23:49 The prime minister's tough choices 27:20 Britain's scale-up problem 28:49 Data centres & why the UK cannot be a sovereign AI nation 36:02 Lessons from the dotcom crash 41:02 Be bold and be paranoid
- Sep 18, 202622 min
INEOS CEO: I Have No Confidence in the UK
Sir Jim Ratcliffe says he has lost confidence in Britain and can see no circumstances in the near future in which he would return and reinvest his wealth in the UK.Ratcliffe, one of Britain’s wealthiest businessmen and founder of one of its biggest industrial companies, is now a tax resident of Monaco. He argues that high and frequently changing taxes, energy policy and a lack of long-term political decision-making have damaged Britain’s ability to attract investment.“I don’t have any confidence in the UK, really,” the INEOS founder tells BBC business editor Simon Jack for this episode of Big Boss Interview.One consequence, he warns, could become apparent this winter. Ratcliffe says Britain could run short of gas during a prolonged cold spell, potentially forcing industrial users to shut down. The UK imports much of its gas and has relatively limited storage, he says, leaving it competing on international markets with countries including China.His warning comes as production from the North Sea continues to decline. INEOS operates the Forties pipeline, which Ratcliffe says was built to carry around one million barrels a day into Grangemouth but is now handling 178,000. “It’s just going to shut,” he says, while describing Aberdeen as “closing down”.He blames an effective tax rate of around 80% on North Sea production for discouraging investment and says the government should approve the Jackdaw and Rosebank projects. He also calls for a fundamental change in government spending priorities. Ratcliffe argues that Britain should reduce welfare spending substantially and redirect the money towards artificial intelligence and robotics, warning that the UK risks falling behind the United States in technologies that will shape future economic growth.In terms of priorities for the govt? "Immigration is clearly one," he says, pairing it with North Sea energy and tax as the questions no one in Westminster will confront. He points approvingly to Donald Trump's "landslide win", won, he says, on "immigration and tax" — and returns to the same charge that runs through the interview: "Nobody's tough enough to deal with the immigration problem. Nobody's tough enough to deal with the benefits problem. But somebody needs to do it, otherwise it ends in a bad place, doesn't it? The country goes broke." Presenter: Simon Jack Producer: Ollie Smith & Olie D'AlbertansonPicture: EPA/Shutterstock02:00 Sir Jim Ratcliffe joins the podcast 03:15 Exploiting North Sea reserves 06:08 Carbon taxes, dumping and the deindustrialisation of Europe 10:22 "I don't have any confidence in the UK" 11:52 The wealth exodus, non-dom changes 14:57 Britain "on the slide" and the need for tougher politicians 17:56 Cutting the benefits bill to fund AI and robotics 19:07 Universities, "woke" and Oxbridge admissions 19:33 80% of world energy is still fossil fuels 22:14 End of pod
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About Big Boss Interview
Big Boss Interview is where the most high-profile chief executives and entrepreneurs come to give you their insights and experiences of running the world's biggest and well-known businesses. The series is presented by Sean Farrington, Felicity Hannah and Will Bain, who you'd normally hear presenting the business news on BBC Radio 4's Today programme as well as BBC 5 Live's Wake Up To Money. Each week they'll be finding out just what it takes to run a huge organisation and what the day to day challenges and opportunities are.
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