Big Boss Interview

Andy Briggs, chief executive of Standard Life, joins the Big Boss Interview to discuss the war in Iran, pension reform,and the growing risk that millions of people are not putting enough aside for later life.
Briggs says pension savers should not panic about the conflict in the Middle East, arguing that most economists expect short-term volatility rather than lasting structural damage to investments. Standard Life, which looks after 12 million customers and manages more than £300 billion in assets, believes pensions should be viewed over decades. Workplace retirement saving continued through COVID, the Ukraine inflation shock and the Liz Truss mini-budget fallout, because contributions are taken from gross pay before workers see their wages.
Briggs addresses concerns about a potential AI bubble, noting that much of the funding flowing into artificial intelligence is now debt-based, which could create risks if companies fail to generate sufficient cash to service that debt.
The new Pension Schemes Act — the biggest overhaul of the sector in more than a decade — has his broad support, particularly the push for greater scale and investment in productive assets such as infrastructure and growth equity. UK pension savers have generated real returns of around 4% per annum over the past decade, compared with 5.2% in Canada and 5.5% in Australia. The biggest difference, he says, is exposure to private assets. He draws a clear line at mandation, however, arguing that investment decisions should remain a matter of customer choice rather than government compulsion.
Briggs is emphatic that pensions policy needs long-term, cross-party consensus rather than budget-cycle speculation. He points to the damage caused by rumours ahead of Rachel Reeves's budget, when thousands of customers withdrew their tax-free cash prematurely — only for the policy to remain unchanged, leaving those savers worse off.
The current auto-enrolment minimum of 8% of salary is no longer sufficient, he warns, calling for a gradual increase to 12%. Without change, 60% of people could reach retirement in the 2040s without enough for a decent standard of living. The crisis is partly hidden because today's retirees still benefit from defined benefit pensions built up earlier in their careers — a cushion that is rapidly disappearing.
Briggs concedes the UK is "not sufficiently financially literate" on pensions and expresses concern for younger generations struggling to find secure work. Greater pension investment in the UK economy, he argues, could stimulate growth, improve infrastructure and create better jobs — benefiting both savers and the wider economy.
Presenter: Felicity Hannah
Producer: Olie D'Albertanson
Editor: Henry Jones
01:54 Andy Briggs joins the pod - discusses political upheaval.
06:00 War in Iran impact on pension savers
08:19 AI bubble concerns & tech stock exposure
09:58 Pension drawdowns around the Reeves budget
11:32 Pension Scheme Act & mandation
17:02 Returns gap vs Canada & Australia
22:20 Pension adequacy & the case for 12%
24:05 60% face inadequate retirement by the 2040s
26:35 Young people & the retirement challenge
30:50 Financial literacy admission
36:10 Personal reflections on careers & opportunity

Sarah Breeden, Deputy Governor of the Bank of England for financial stability, joins Big Boss Interview to discuss risks in the global financial system, the rapid growth of private credit, and whether markets are prepared for the next economic shock.
She tells BBC Business Editor, Simon Jack the private credit market has grown to around $2.5 trillion in less than two decades, and says the BoE is watching the sector closely. She warns it has “never been tested at this scale” and that aspects of the market carry echoes of the period leading up to the 2008 financial crisis — including rising leverage, complex interconnections between funds, insurers, pension schemes and banks, and limited transparency compared to traditional lending.
There are already signs of strain. Investors have begun pulling money out of some funds, while others have been gated or marked down. Breeden warns this could lead to what she describes as a “private credit crunch”, where companies reliant on this form of financing may struggle to refinance their debt. While distinct from a banking-led crisis, she says the consequences for the real economy could still be significant.
At the same time, she highlights a growing disconnect between financial markets and underlying economic risks. Asset prices in some areas remain close to record highs despite geopolitical instability, persistent inflationary pressures and vulnerabilities within parts of the financial system. Breeden says the Bank expects an adjustment — meaning prices will fall — but stresses the key question is not whether this happens, but when and how sharply.
A further concern is the reduced capacity of governments to respond to future crises. Sovereign debt levels are at historic highs, limiting the scope for large-scale fiscal intervention of the kind seen during the 2008 financial crisis or the energy shock following Russia’s invasion of Ukraine. That places greater emphasis on ensuring the resilience of the financial system itself.
Breeden says the scenario that most concerns her is a combination of risks materialising simultaneously — a macroeconomic downturn, a loss of confidence in private credit, and a sharp repricing of risky assets. It is this kind of convergence, she says, that “really keeps me awake at night”. The Bank is actively stress-testing such scenarios and working with international counterparts to ensure the system is prepared.
While she notes that the banking sector is significantly better capitalised than before 2008, reducing the likelihood of a repeat of that crisis, the interview makes clear that new forms of risk are emerging in parallel — and that understanding how they interact will be critical in determining how resilient the global financial system proves to be.
Presenter: Simon Jack
Producer: Ollie Smith & Olie D'Albertanson
Picture: Bank of England

Pano Christou, CEO of Pret, joins Sean Farrington for this episode of Big Boss Interview to discuss fuel volatility, salads, and subscriptions.
Pret is starting to see inflation from the war in the Middle East, with fuel price volatility affecting the business. Prices aren’t currently set to rise, but he says they may have to if disruption continues. Some exports into the Middle East business are taking longer, but that’s not hampering Pret’s growth ambitions in the region.
He says Pret’s revised £5-a-month drinks subscription has grown by close to 25% over the past year, after the original COVID-era offer had to “evolve”. Its newer large salad range has been a “roaring success”, selling 40% more units than expected, especially in the evening, as consumers move away from bread.
He says he never set out to become chief executive, having worked his way up from assistant manager after earlier roles at Pret and McDonald’s, and says career progression comes from focusing on the job in front of you.
Presenter: Sean Farrington
Producer: Jeevan Nerwan
Editor: Henry Jones
00:12 Fliss and Sean set up the interview
01:58 Pano Christou joins the pod/return to the office
09:12 Pret's subscription offer
14:12 Career history - from assistant manager to CEO
31:15 Impact of the US-Israel war with Iran
38:15 Salad success/Brits moving away from bread
43:38 Weight-loss drugs
45:07 Listing

Nathan Coe, CEO of Autotrader, joins Sean Farrington for this episode of Big Boss Interview to discuss how rising fuel prices, the rapid growth of Chinese carmakers and advances in AI are reshaping the UK car market.
Coe says the recent spike in petrol prices has triggered an immediate shift towards electric vehicles, with enquiries on Autotrader up 30% month-on-month. He says higher fuel costs are pushing more buyers to reconsider the total cost of ownership, accelerating interest in EVs.
He also highlights the rapid rise of Chinese manufacturers in the UK market, describing their growth as “mind-boggling”. Firms such as BYD, he says, have scaled in a year what took Tesla six to seven, helped by competitive pricing and a shift in consumer behaviour - with EV buyers showing less loyalty to traditional brands.
Coe is also asked about the Competition and Markets Authority investigation into online reviews, stressing the company’s focus on acting with integrity.
On AI, Coe says Autotrader is working with firms including OpenAI, Google Gemini and Meta, and argues that while investor concerns about AI have weighed on the company’s share price, it has not seen a fall in traffic and believes the technology will strengthen its offering rather than disrupt it.
Presenter: Sean Farrington
Producer: Jeevan Nerwan
Editor: Henry Jones
00:12 Fliss and Sean set up interview
01:47 Nathan Coe joins the pod/Iran war impact on EV demand
09:10 Chinese car sales in the UK growing faster than expected
16:08 The UK's EV transition
18:42 CMA investigation
23:53 AI

Wholesale gas prices have roughly doubled in three weeks amid instability in the Middle East, and Greg Jackson, co-founder and Chief Executive of Octopus Energy, the UK's biggest household energy supplier, says it is "very likely" that energy bills will rise from July. The energy price cap is set to fall in April due to government tax cuts on electricity, but Jackson warns that fixed tariffs and business tariffs are expected to climb in the summer quarter. He compares the situation to Groundhog Day — just three years after Russia's invasion of Ukraine triggered a fossil fuel crisis.
Consumer behaviour has shifted sharply in the three weeks since the crisis began. Octopus has recorded a 50% increase in rooftop solar sales, a 30% rise in heat pump sales, a 40% jump in heat pump orders, and a 30% increase in demand for electric vehicle charging points.
He says a dramatic shift is needed in the UK. China's approach to energy offers a stark contrast. Some 75% of all renewables being built globally are in China, more than half the cars sold there last year were electric, and the Chinese state oil company is planning for no petrol stations by 2040. He describes China's energy investment as "breathtaking" and sees "a lot of talk and no action" in Europe.
Octopus has raised around $3 billion in investment, but Jackson reveals that roughly $2.9 billion of that came from outside the UK. He blames pension and fund management regulations introduced around 2000, which he says have caused UK pension funds to cut their allocation to UK equities from about 40% to roughly 3%. The result, he argues, is that British pensioners receive lower returns while overseas investors capture the growth of British companies.
Presenter: Sean Farrington
Producer: Olie D'Albertanson
Editor: Henry Jones
00:13 Fliss and Sean set up interview
02:01 Greg Jackson joins the pod/ Iran war impact on energy.
05:07 Bills likely rising from July.
08:42 Consumer response. 50% solar surge, heat pumps.
14:40 Tesla & Musk's business entering the UK energy market.
16:07 Future of energy and cars.
19:18 Europe "torturing ourselves" over electrification..
24:33 Overseas investment and UK consequences
27:57 Next election. Reform, Greens, and the future of energy policy
31:22 The entrepreneur. How Jackson became passionate about energy
36:45 AI and the next generation. Impact on young people's prospects
41:39 End of pod