Month: July 2025

FBUK Welcomes Small Business Plan

Posted on by Martin Greig

FBUK has welcomed the publication of the Government’s new plan to support small businesses.

The plan, which has been developed in consultation with FBUK and FBUK Members, includes important new initiatives designed to provide greater support to small businesses looking to grow.

FBUK Chief Operating Officer Fiona Graham said:

“We welcome today’s publication of the Small Business Plan as a positive step towards creating a fairer and more resilient environment for small family-run firms.  We are pleased to see many of the areas highlighted by our members addressed in this plan.

“Family businesses make up over 85% of all private sector firms in the UK and are deeply rooted in their communities. But like many small businesses, they are held back by red tape and limited access to finance and support – challenges that this plan rightly seeks to address.”

Key elements of the plan include:

  • New legislation to tackle late payments – an issue that costs the UK economy £11bn a year and shuts down 38 businesses every day
  • Increasing access to finance through a £4 billion package including start up loans and expanding lending guarantees
  • Making SMEs a priority during the awarding of public sector and government contracts
  • Establishing hospitality and night-time economy zones alongside additional measures to support High Streets and local economies
  • Providing more money for skills training and leadership development
  • A new Business Growth Service to provide support and unlock business potential

Fiona Graham continues:

“The announcement of a Business Growth Service will give small family-run businesses the tools they need to grow, scale up and expand into international markets, as well as streamlining essential advice and support into one national platform. This will give small businesses peace of mind that support is readily available and easily accessible when they are looking to invest and grow.

“We look forward to continuing to support small businesses as the initiatives in this plan are developed and rolled out.  We are also committed to working with DBT in the development of a future strategy to ensure that mid-sized businesses are also getting the bespoke support they need.”

 

FBUK Comments on Wealth Tax

Posted on by Martin Greig

Commenting on speculation that the Government is considering introducing a Wealth Tax, Fiona Graham, Family Business UK’s Chief Operating Officer said:

“Speculation about the introduction of a wealth tax—whether one-off or annual—comes at a time when the UK should be focused on unlocking growth. For family businesses, the majority of their wealth is tied up in the business itself: in jobs, equipment, buildings, and innovation. These are not liquid assets. A wealth tax would therefore require extracting capital from the business just to meet a tax liability—directly undermining investment, productivity and growth.

“This follows proposed changes to Business Property Relief and Agricultural Property Relief which have already made it harder for family firms to plan for the future. Adding a wealth levy on top seriously risks UK attractiveness for long-term enterprise.

“Family businesses already contribute significantly to the UK tax base – contributing £422 billion in taxes in 2023 through corporation tax, income tax, employment taxes and more. What they need is a tax system that recognises the importance of reinvestment and growth. If this government is serious about growing the economy, it must avoid disincentivising the very firms that are embedded in communities and committed to building for the long term.”