CBI secures emergency funding to stave off potential collapse

The CBI has secured a revolving credit facility – effectively an overdraft – from a collection of banks. Photograph: Jonathan Brady/PA

The Confederation of British Industry has secured emergency funding from a series of banks, staving off potential collapse after members fled the business lobby group in the wake of sexual misconduct allegations.

The funding package comes after a last-minute cancellation of the trade body’s scheduled annual meeting last week as it scrambled to raise the £3m it needed to get through this year.