Rake progresses to CBI president

Sir Mike Rake, the chairman of BT, is to become president of the employers' organisation the CBI, taking over from Sir Roger Carr.

Sir Mike said: "I am delighted to have been asked to take on the role of president of the CBI at this critical stage of economic development. The CBI provides an objective, apolitical view on those matters which are most important from a business perspective, ensuring the economy can start to grow and create jobs."