For years, Pride month has been an unmissable fixture in the corporate calendar. But recently, many of the world’s biggest brands appear to be quietly backing away – toning down campaigns, dropping rainbow logos and retreating from the culture wars. The Spectator’s economics editor Michael Simmons looks at why corporate Pride is losing its commercial appeal. Is this a genuine shift in public opinion, a fear of consumer backlash, or simply a case of companies deciding that activism no longer pays? Brendan O’Neill also joins the show to discuss what the retreat from Pride says about business, politics and the changing culture of corporate virtue-signalling.

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