Big Boss Interview

• #16: GSK CEO: Why We Prioritise USA Over UK

  Dame Emma Walmsley, Chief Executive one of Britain's biggest pharmaceutical companies GSK (GlaxoSmithKline), says the company is prioritising the United States for product launches and investment, citing its scale, commercial opportunities and favourable business environment. She confirms GSK will invest four times more in the US than in the UK over the coming years, making America the company’s primary growth and innovation focus.Explaining GSK’s investment strategy, Dame Emma Walmsley points to the US market’s scale and competitiveness, boosted by recent government policy. She welcomes a new UK-US agreement removing tariffs and recognising pharmaceutical innovation, but warns of challenges for Britain’s life sciences sector. Despite the UK’s strong scientific heritage, she notes it accounts for just 2% of GSK’s sales, compared with more than half in the US.Dame Emma Walmsley stresses the UK must stay competitive to attract foreign investment, warning that other countries increasingly treat life sciences as a strategic industry. She confirms the UK will pay more for medicines under the new agreement, with NHS costs for new drugs expected to rise by 25%. While medicines make up only 9% of NHS spending—lower than in many countries—she acknowledges budget pressures and the need for careful prioritisation.Dame Emma Walmsley also reveals GSK is close to winning approval for the world’s first six-monthly asthma drug, expected to cut the most severe attacks requiring hospitalisation by more than 70%. She calls the breakthrough a major advance for patients and healthcare systems, with the potential to deliver significant cost savings and improve quality of life for millions worldwide. She also comments on the surge in obesity and weight-loss treatments, noting GSK is not a major player but admires the scientific progress. Instead, the company is focusing on high-burden diseases such as liver disease and chronic obstructive pulmonary disease (COPD), with trials under way and hopes for further breakthroughs.Finally, Dame Emma Walmsley reflects on a turbulent period when activist investors questioned her leadership and forced her to reapply for her own job, amid concerns over GSK’s share price performance versus rivals.Presenter: Simon Jack Producer: Ollie Smith/ Olie D'Albertanson00:00 Sean Farrington and BBC Business Editor Simon Jack intro pod 03:00 Dame Emma Walmsley joins the pod 03:53 Change agenda & US market focus and investment 07:18 New asthma drug approval on the horizon 08:19 GSK’s scale and global impact 12:03 GSK to invest four times more in the US than the UK 14:54 UK to pay more for drugs after UK-US deal 16:56 GSK new asthma drug breakthrough 19:48 GSK’s approach to obesity and weight loss drugs 28:23 Women in leadership at GSK 32:47 Shareholder revolt and leadership challenges

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• #15 Waterstones CEO: I Disdain AI Written Books, But Might Sell Them If Labelled

  James Daunt, CEO of Waterstones and Barnes & Noble, offers his take on the evolving landscape of bookselling in the United Kingdom and United States. Whilst he has a "natural and instinctive disdain" for literature generated by AI, he says that if they are clearly labelled as such he would sell them, if people wanted them. The conversation also examines the economic environment for bookshops, with Daunt commenting on Chancellor Rachel Reeves' budget and its implications for the high street. He acknowledges what he see's as the positive impact of government policy on business rates and retail sustainability, suggesting that these measures could contribute to a more vibrant and resilient high street.Daunt also covers the reading habits of young people, noting a sustained interest in books among younger generations, despite the proliferation of digital media. He says young readers continue to engage with literature, supporting the ongoing relevance of physical bookshops, but he bemoans the closure of libraries as this has stopped some younger people being able to access free books.And as a self proclaimed "professional reader" also tells us what books he's currently reading, and flags up some to be aware of in 2026; but also admits he has a terrible habit of not finishing books he's started. Presenter: Fliss Hannah Producer: Olie D'Albertanson Editor: Henry Jones

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• #14: St James's Place CEO: Budget Speculation Damaged People's Pensions

  Speculation surrounding the UK budget hurt the UK pension industry, that's according to Mark Fitzpatrick, Chief Executive of St. James’s Place, the UK's biggest wealth management company. He highlights how uncertainty in government policy has led to premature pension withdrawals, with many individuals acting on speculation rather than long-term strategy. Fitzpatrick also delivers a comparison between the UK and the USA investors saying there's a marked difference in cultural attitudes towards investing. He observes that Americans are more likely to discuss and celebrate investment, viewing wealth as a sign of progress and success, while in the UK, there is a greater tendency towards risk aversion and reluctance to talk about money. This cultural divide is reflected in the proportion of adults investing in stocks, with the US showing much higher participation rates. The conversation also turns to the role of technology and the potential for an artificial intelligence bubble and its impact on the investment world. He considers whether current enthusiasm for AI could lead to overvaluation and what measures they've taken to soften the impact of any AI bubble bursting. The interview explores the impact of AI on personal finance, the importance of human relationships in financial advice, and the need for balanced perspectives as technology continues to shape the future of investing and pensions.0:00 – Fliss and Sean welcome 2:30 – Mark Fitzpatrick joins the pod & discuss UK attitudes toward investing 10:00 – Growth of female investment 14:00 – Crypto investing & generational wealth 18:00 – Budget impact on pensions 27:00 – SJP fees issue and cultural changes 36:00 – Ai bubblePresenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones

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• #13: Vodafone CEO: International Cooperation Needed For Sea Cable Security

  Vodafone’s chief executive, Margherita Della Valle, highlights the growing risks to Europe’s submarine cables, and calls for international cooperation to ensure the security and resilience of digital infrastructure. Addressing the recent threats posed by Russia, she calls for cross-border collaboration, and the implications for national and European security. Discussing the impact of the merger with Three, Della Valle examines the UK’s persistent “not spots”—areas with little or no mobile coverage—and the company’s commitment to eliminating these gaps through an £11billion pound investment. Della Valle also notes that Vodafone is set to launch a rival to Elon Musk's Starlink in 2026, providing total broadband coverage to the UK via satellite to standard mobile phones. Launching this first in the UK, she says you will even be able to get the internet at sea and in the most remote parts of the UK.The demands of artificial intelligence on telecoms infrastructure are also addressed, with Della Valle acknowledging that while progress has been made, the UK’s mobile networks are not yet fully prepared to support the scale and speed required for widespread AI adoption.The interview also addresses the reduction in the number of female chief executives in the FTSE 100, and the ongoing challenges faced by women in senior roles, with 00:00 Sean Farrington and Will Bain introduce BBI 02:04 Start of Interview with Margherita & early days at Vodafone 07:56 Impact of the UK merger with Three 09:29 Eliminating Not Spots in the UK 11:12 Satellite Technology & competition to Elon Musk's Starlink 19:00 Infrastructure for mobile use of AI is not there yet. 26 - Female FTSE CEOs 34 - the need to work closer with Europe on sea-cable/telecoms security co-operationPresenter: Will Bain Producer: Olie D'Albertanson Editor: Henry Jones

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• #12 Ford UK's Lisa Brankin: Pay Per Mile Tax Could Suppress EV Uptake.

  The UK automotive sector is navigating a period of significant change, with government policy, economic pressures, and international competition shaping the landscape. Ford UK boss Lisa Brankin outlines the risks posed by reported government measures, including a “pay per mile” on EVs, one of the measures the Chancellor is supposedly looking to address. Brankin tells Sean Farrington that these changes could further suppress demand for electric vehicles at a time when the market is already fragile. She also draws attention to the role of employee car benefit schemes, explaining that any reduction in these incentives could have a substantial impact on the auto industry.Ambitious climate targets set by the government are juxtaposed with the realities of consumer demand, as Brankin describes a market where regulatory ambition outpaces public appetite for electric vehicles. She calls for a coordinated and consistent approach to policy, stressing that ongoing government support is essential for the industry to meet net zero objectives. The interview also addresses the effects of economic uncertainty and the increasing influence of Chinese car manufacturers, which present additional challenges for established brands like Ford.Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones00:00 Introduction and welcome from Fliss and Sean 02:39 Lisa Brankin joins pod discusses tough UK car industry 06:36 Electric vehicle targets and government policy impact 15:29 Chinese car manufacturers and competition 21:21 Brand loyalty and UK manufacturing footprint 26:16 Northern Ireland’s economy and opportunities

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