Responding to today’s Budget, FBUK CEO Neil Davy said:
“Family businesses want to play their part in tackling youth unemployment and driving growth in every postcode, as they have done for generations.
“We called for action in this Budget on the cost of hiring and doing business, so there is much here to welcome. The announcement on business rates will provide valuable support for many smaller family firms, while the more measured approach to minimum wage increases for younger workers will help address one of the barriers to creating entry-level jobs.
“We also welcome steps to back entrepreneurs, encourage new businesses and reduce energy costs for some firms. Importantly, the Chancellor explicitly recognised the need to protect genuine family business successions as the Government reforms the taxation of company distributions. That recognition matters. Passing a business successfully from one generation to the next protects jobs, investment and local prosperity for the long term.
“We would still like the Government to go further by fully restoring Business Property Relief, but today’s Budget suggests ministers are listening and increasingly recognise the distinctive contribution family businesses make to the UK economy. FBUK look forward to building on that progress and working with the Government to turn these early green shoots into stronger growth across the country.”