The Confederation of British Industry (CBI) is preparing to reduce its workforce as it battles for survival following a series of sexual misconduct scandals.

The lobby group will launch a redundancy consultation on Friday as part of plans to cut its wage bill by a third after an exodus of members dealt a major blow to its finances.

Bosses told the CBI’s 300 employees in a meeting on Thursday that it will initially aim to make the job cuts through a programme of voluntary redundancies.

It comes as CBI members prepare to vote at an emergency general meeting next week on a single confidence motion in the lobby group.

Earlier this week, Rain Newton-Smith, the CBI’s new director-general, sent proposals to members designed to stave off insolvency, limit job cuts and prevent further instances of sexual misconduct.

Members will be asked if the changes, which include a board shake-up and a new people and culture committee, “give you the confidence you need to support the CBI”.