Tag: back family businesses

Family businesses call on Chancellor to cut employment costs and tackle youth unemployment

Posted on by fbuk

Family businesses are calling for action in the Budget to reduce spiralling costs of taking on young workers, with more than a third (38 per cent) saying they have become a significant barrier to recruitment.

In its submission to the Treasury ahead of the Budget, Family Business UK (FBUK) sets out a package of measures to encourage businesses to recruit, invest and grow, including a reduction in employer National Insurance Contributions (NICs) for younger workers, targeted incentives to help young people into work and reforms to the tax system to support long-term business ownership.

The call comes as youth unemployment stands at 16.2 per cent and around one million young people are not in education, employment or training (NEET). FBUK warns that rising employment costs, limited job opportunities, skills shortages and the growing impact of artificial intelligence are making it harder for young people to secure their first foothold in the labour market.

FBUK is now calling for a six-month employer NICs holiday for family businesses recruiting people aged 18 to 24, or up to 30 for those entering their first job. The organisation estimates that the measure could support around 100,000 recruits.

Neil Davy, chief executive of Family Business UK, said: “Family businesses want to invest, grow and create good, long-term jobs. But rising employment costs are making it harder for firms to take on staff, just when the country needs businesses to create more opportunities for young people.

“We need a practical package that makes it easier for employers to recruit and gives young people a better chance of getting into work. Cutting the cost of employing young people, supporting paid work experience and apprenticeships, and extending help to those at risk of unemployment would make a real difference.

“Family businesses account for 93 per cent of private sector firms in the UK and employ 15.8 million people. If we help these businesses create more opportunities for young people, the impact on employment and communities across the country could be transformational.”

FBUK’s proposals to address youth unemployment include:

  • Employer NICs relief: a six-month NICs holiday for family businesses taking on young people aged 18 to 24, or first-time employees up to the age of 30.
  • Paid internships: a six-month Family Business Internship Incentive, with grants of £3,000 to £5,000 for businesses offering structured placements to 18- to 30-year-olds, including training, mentoring and a named supervisor. A further payment could be made where placements lead to permanent jobs or apprenticeships.
  • An expanded Youth Guarantee: extending support to school and college leavers, young people at risk of unemployment and those outside the Universal Credit system, with a focus on careers advice, employability and job matching.
  • More apprenticeship support: extending starter-wage assistance to labour-intensive and socially important sectors, including retail, hospitality, leisure, education and care.
  • A more responsive Growth and Skills Levy: improving guidance on how funds can be used and making it easier for businesses to transfer funding through their supply chains and local business networks.

FBUK is also calling for a more predictable approach to minimum wage policy. It wants the Government to assess the employment consequences of planned alignment between the National Minimum Wage for younger workers and the National Living Wage, and publish a youth-employment impact assessment before each further step towards equalisation. It also proposes a fixed three-year cycle for reviewing employment wage policy, giving employers greater certainty when planning recruitment and investment.

Alongside employment, the submission calls for Chancellor John Healey to use the Budget to reverse his predecessor’s controversial changes to inheritance tax for family firms. It calls on the Treasury to restore 100 per cent Business Property Relief (BPR) with no upper threshold, introduced by Labour Chancellor Denis Healy in 1976, reversing the changes that FBUK says continue to undermine investment, recruitment and succession planning among family-owned businesses.

Although the Government increased the threshold for inheritance tax to apply to family firms’ assets from £1 million to £2.5 million following a fierce backlash, FBUK says the changes have not resolved the fundamental problem. A survey of more than 530 family-business leaders by FBUK found that 58 per cent expected to be affected by the reforms, 24 per cent had paused or cancelled planned investment, and 23 per cent had reduced headcount or paused recruitment.

FBUK argues that family businesses should not face a tax burden on transferring ownership that puts them at a disadvantage compared to publicly listed, private equity-backed and overseas businesses. It warns that money diverted from productive investment to meet inheritance tax liabilities could otherwise support jobs, training, innovation and growth.

The submission also calls for business energy costs to be reduced, by extending to businesses the approach recently taken for households, under which 75 per cent of the costs of obligations to use renewable energy are shifted from energy bills to general taxation. Three in ten family firms identify energy costs or volatility as their main barrier to growth, with retail, hospitality and leisure businesses particularly exposed.

FBUK is further urging the Government to undertake wholesale reform of business rates, moving towards a more progressive system in which different portions of a bill are charged at different rates. Its research finds that 43 per cent of family-owned businesses identify business rates as the tax having the greatest impact on their operations.

Other recommendations include ruling out a one-off or annual wealth tax, providing greater certainty over the tax system, improving access to scale-up finance and introducing incentives to encourage long-term investment in UK private businesses. FBUK also proposes a Community Investment Tax Relief to encourage family businesses to invest in local assets, infrastructure and community initiatives, with an initial targeted pilot potentially focused on youth employment.

Neil Davy added: “Family businesses are long-term investors in the UK economy. They create jobs, support local supply chains and sustain communities, often across generations. But they need a tax and regulatory environment that gives them the confidence to keep investing in Britain.

“Restoring Business Property Relief in full, reducing employment and energy costs, and reforming business rates would help unlock that investment. The Budget should be an opportunity to back the businesses that already contribute £422 billion in tax each year and generate £985 billion in economic value, helping them create jobs and deliver growth across the country.”

 

New PM must back family businesses

Posted on by Vanessa Barrett

Neil Davy, CEO Family Business UK. 

For family businesses, the last two years of this government have been challenging. They have been forced to adapt to almost constant uncertainty and daily speculation about the next policy in line for change or tax to be increased. 

When Labour was elected in 2024, it was with a promise to be the most business-friendly government with a clear priority to create the conditions for economic growth. We, along with other business organisations, were encouraged. 

But the promise has not yet been delivered and for Britain’s five million private and family-owned companies, the reality has been notably different. The ending of long-standing and well-understood rules on Inheritance Tax relief remain a penalty on family ownership and an existential threat to five million British businesses. 

For the new prime minister there is a golden opportunity to change that and reset relations with family firms. His plans for greater devolution and place-based growth should prioritise family businesses and put them at the heart of that mission. To succeed, he must commit to fully reverse the changes to Inheritance Tax. 

Business Property Relief and Agricultural Property Relief exist for a very clear purpose – they incentivise the business investment and long-term stewardship our country needs. But the changes to BPR and APR have achieved the opposite, forcing businesses to prioritise the short-term and tear up longstanding plans for investment and jobs. 

Worse, they have created a two-tier tax system in which family businesses are penalised — they must plan for a future liability while their non-family and foreign-owned competitors do not. That simple truth continues to weigh heavily on Britain’s family business sector. 

Our latest research shows that more than half of all family firms will still be affected by the change and, for those with more than fifty employees, the impact rises significantly. There is simply no downside to the immediate reversal of this policy change. 

Secondly, the new prime minister must commit to stopping the inexorable tax increases on all business and be relentless in creating the policies and conditions that instil confidence to invest, expand and create jobs, particularly those for young people who are bearing the brunt of these tax changes. 

Ensuring the next generation have both the skills and the opportunities takes a long-term approach is central to family businesses and critical for the future of local communities and a healthy economy. 

However, a public commitment to stick to Labour’s Manifesto commitments on tax does not fill me with confidence that the incoming chancellor will take a pragmatic and proportionate approach to tax. 

Next, the new prime minister must support growth for scale-up family businesses – particularly the medium-sized businesses often forgotten by policymakers. There are 10,000 mid-market, scale-up family businesses in the UK contributing more than £140 billion to the UK economy and employing close to one million people. Imagine the growth and tax receipts that could arise from this cluster of businesses if they were incentivised rather than penalised.  

Finally, strengthening local communities. In every part of the country family businesses are often cornerstone businesses on local high streets and communities. It is their long-term outlook and pride in place, underpinned by family values and a sustainable business model that makes them a critical part of the social fabric on which our communities and regional economies are built. 

Sadly, family businesses are mis-understood by policymakers, too often dismissed as just ‘lifestyle’ businesses. But family firms are the beating heart of our economy built around a long-term vision, a commitment to people and local communities, and a willingness to invest over decades. It is what sets them apart and makes them one of this country’s greatest economic assets. 

Government policy, led by the new prime minister, must reflect that. 

FBUK Magazine Edition 3 Published

Posted on by Martin Greig

Hot off the press, the latest edition of the Family Business UK magazine has been published and is available to download digitally.

Coming at a pivotal moment for family businesses, with important policy changes creating an uncertain outlook, this edition explores some of the key issues you should consider when planning for the journey ahead.

Download the FBUK Magazine

In this edition you’ll find:

  • Steve Rigby – the Chair of FBUK on his ‘North Star’ for FBUK,
  • Views from Westminster including:
    • Gareth Thomas MP the Minister for Services, Small Businesses and Exports,
    • Andrew Griffith MP the Shadow Secretary of State for Business and Trade,
    • Daisy Cooper MP the Deputy Leader of the Liberal Democrats and the Party’s Treasury Spokesperson,
  • William Lees-Jones – Managing Director of JW Lees on campaigning against the changes to BPR,
  • Sarah Dean – Chair of Noble Foods on leading with purpose and the importance of staying true to your values,
  • FBUK Corporate Partners Farrer & Co, Clarion and PwC give their tips on what you need to do to plan for the changes to BPR and APR.
  • We mark 500 years of family business history with FBUK Members Neville Trust (150 years) and Morning Foods (350 years),
  • Caroline Platt shares her lessons from conquering daring adventure challenges and
  • Holly Thallon Steenson on her journey into the family business.

All this, and you can read about our latest research looking at the impacts of the changes to BPR and APR.

Get Involved

If you’ve got news to share, an issue you think we should be covering or perhaps you fancy writing an article yourself, reach out and get in touch with a member of the team.

Advertise in the FBUK Magazine

Would you like to advertise your business and services to some of the UK’s premier family business owners? You can find more information below about securing space in future editions of the magazine. And, if you’d like to talk to us about other advertising, sponsorship and partnership opportunities, we would love to hear from you. You can contact a member of the team here.

Download our media pack

More Than 160,000 Family Businesses Call on Government to Consult on Inheritance Tax Change.

Posted on by Abbie-Louise

More Than 160,000 Family Businesses Call on Government to Consult on Inheritance Tax Change.

Embargo: 00:00 Monday 16 December 2024

Thirty two Trade Associations, representing more than 160,000 UK family-owned businesses and farms, have written to the Chancellor calling for a full and formal consultation on changes to Inheritance Tax announced in the Budget.

In an open letter, led by Family Business UK, the Trade Associations warn that changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) will starve their members and the economy of investment, lead to forced, premature business sales and result in job losses right across the country.

Independent economic modelling commissioned by Family Business UK and conducted by CBI Economics suggests that far from raising revenue, the changes to BPR alone could result in a £1.25 Billion net fiscal loss to the Exchequer, lead to more than 125,000 job losses and reduce economic activity (GVA) by £9.4 Billion over the course of the Parliament.

The leaders of 32 Trade Associations* who have signed the letter represent family-owned businesses in all areas of the UK economy including builders, bakers, retailers, farmers, manufacturers, mechanics, food producers, funeral directors, pubs, restaurants, garden centres, growers, electricians and recruitment agents.

Neil Davy, CEO Family Business UK said: “The model of family business ownership is unique. It powers the entire economy from farming to finance and everything in between. This letter, and those who have chosen to sign it, are testament to just how widespread family ownership is, and how committed we are to speak up on behalf of our members.

“The changes to Inheritance Tax for family businesses and farms are a hammer blow. In many cases, those inheriting the business will have no alternative but to sell up when the owner dies, rather than continue running the business.

“In these circumstances, there is a real risk that businesses, assets and farms will be sold to foreign-owned competitors or investors who will pay little to no tax in this country.

“Already, family business owners are taking decisions to withhold planned investments and are putting recruitment on hold. Those working for family businesses are also extremely concerned, worried about how these changes might impact them.

“We do not believe that these are the outcomes the Government envisaged. So, we are calling on the Chancellor to meet and run a formal consultation, to find a solution that will protect the long-term interests of family businesses and farms and, crucially the jobs and investment they provide.”

Changes to BPR and APR announced in the Budget will mean that business and farm assets worth more than £1million will now be subject to Inheritance Tax at a rate of 20% when the business owner dies.

Family business owners and farmers will typically retain more than 90% of their personal wealth directly in the business, allocated to fund growth and investment.

To cover the Inheritance Tax liability, business owners will be forced to take money out of the business otherwise allocated to investment, typically via dividends (taxed at 39.5%). Added to IHT, this effectively creates double taxation.

Figures from HMRC suggest that around 500 family farms and 500 family businesses a year would be affected by the change. Analysis by CBI Economics suggests that three times as many family businesses (1,647) will adjust their behaviour each year to mitigate the change to BPR.

According to the CBI Economics, family businesses mitigating the cost of a potential future Inheritance Tax bill would be most likely to reduce investment and employment leading to an:
• average reduction in investment of 16.5%
• average reduction in headcount of 10.2%
• average loss of turnover of 7.4%

Even for family businesses currently below the new £1million threshold for BPR, there is a striking impact on how they behave and plan to mitigate future impacts from Inheritance Tax.

Amongst these businesses:
• 55% expect investment to reduce with a quarter expecting it to fall by more than 20%, producing an average net reduction of investment of 12.2%
• headcount would reduce by 9%
• turnover could fall by 5.8%

There are 4.8 million family businesses in the UK employing almost 14 million people and contributing more than £200 Billion a year in tax revenues.

Download and Read the letter in full here.

END.

FBUK Publishes Economic & Fiscal impact of changes to BPR

Posted on by Abbie-Louise

125,700 Jobs and £9.4billion GVA Threatened by Inheritance Tax Change for Family Businesses.
Analysis Indicates £1.3billion Net Fiscal Loss to Government
Family Businesses Call on Government to Consult on the Changes

FBUK Publishes Economic & Fiscal impact of changes to BPR

Changes to the rules on Inheritance Tax for family-owned businesses could lead to a significant reduction in economic activity and lower tax revenues, as companies plan to cut investment and jobs according to new analysis.

Findings from an independent study by CBI Economics, the CBI’s economic consultancy division, on behalf of Family Business UK (FBUK) indicate that, over the term of this Parliament, the decision to cap Business Property Relief (BPR) at £1million could lead to more than 125,000 jobs losses (125,678) and reduce the value of goods and services produced across the economy (GVA) by £9.4billion.

Taken together, these reductions could mean that capping BPR at £1m could result in a net fiscal loss to the Exchequer of £1.3bn between 2026/27 and 2029/30. This is significantly lower than the £1.4bn gain in revenues estimated by the Office for Budget Responsibility (OBR) over the same period from the policy change to BPR alone.

The analysis by CBI Economics, part of which involved a survey of 234 family businesses, finds that over a fifth of family businesses (27%) with assets valued at over £1m expect to transfer the ownership of their business between 2026/27 and 2029/30 in a way that would incur Inheritance Tax. This is expected to lead to nearly 5,000 businesses making adjustments that have an impact on their activity.

To mitigate the additional tax liability the most common response from family business owners was to downsize, cut investment or reduce headcount.
The analysis indicates an:

  • average reduction in investment of 16.5%
  • average reduction in headcount of 10.2%
  • average loss of turnover of 7.4%

Fifteen percent (15%) of family businesses that expect to incur an Inheritance Tax liability say they will sell the business entirely, 9% say they will draw out extra cash from the business in the form of dividends (incurring additional tax at 39.5%), 6% would sell assets and shares to non-family investors and 4% would close, liquidate or relocate overseas.

The analysis shows that even for companies currently below the new £1million threshold for BPR, there is a striking impact on how they behave and plan to mitigate future impacts from Inheritance Tax.

Amongst these businesses:

  • 55% expect investment to reduce with a quarter expecting it to fall by more than 20%, producing an average net reduction of investment of 12.2%
  • headcount would reduce by 9%
  • turnover could fall by 5.8%

Neil Davy, CEO of Family Business UK said:
“Just as we’ve seen among the farming community in relation to APR, changes to BPR announced in the budget will fundamentally remove incentives among owners of family firms to invest in their businesses, and in many cases threaten their viability.

“The CBI Economics research concludes this will come at the expense of jobs, investment, and tax receipts into the Treasury. Downsizing of businesses, asset disposures, complete sale or liquidation are very real unintended consequences of this policy.

“Given a typical business will employ more people than an average farm, there’s a case to make that capping BPR may be even more damaging to the employment figures and the wider economy than capping APR.

“There’s a fundamental misconception that family business owners are hugely wealthy individuals, with large quantities of liquid assets or cash. Nothing could be further from the truth.

“As with farmers, owners of family businesses typically have more than 90% of their personal wealth directly tied-up in the business, allocated to fund growth and investment. To cover this tax liability, business owners will be forced to take money out of the business otherwise allocated to investment, typically via dividends (taxed at 39.5%). Added to IHT, this effectively creates double taxation.

“A common misconception is that BPR is a personal tax relief. In reality this is a tax on businesses, which no other model of business ownership is subject to.

“Government data, published alongside the Budget, forecasts that changes to Inheritance Tax on family business could raise £520m a year from BPR and APR, by the end of the Parliament. Based on data for 2021-22 the Government estimates that around 550 family businesses will be impacted by the change to BPR each year.

“FBUK believes that these figures significantly underestimate the impact of the change. The CBI Economics data support this, predicting the total number of businesses effected expected to change hands for 2026-2027 to be 1,647. Between 2026-27 and 2029-2030 is figure is 4,941, or 8.3% of all family businesses with assets valued at over £1m (59,814).

“Taking the Government’s own definition of SMEs, far from affecting a small number of those with the broadest shoulders, a cap of £1m will also affect many small and medium sized businesses who the Government are claiming to support. And without indexation, the £1m cap also means that more SMEs will fall within scope over time.”

William Lees-Jones, Managing Director of JW Lees said:

“The proposed changes will be a real blow to companies like JW Lees. It has always been our philosophy to invest our profits back into growing our family company resulting in significant investment and the creation of a large number of jobs.

“For us to have to divert funds into dividends to pay Inheritance Tax would be challenging and would inevitably reduce future investment in the company. It would also place our business at a considerable disadvantage to our competitors who tend to be listed or owned by private equity, sometimes overseas.

“We would urge the government to consult with businesses to look at all the potential unintended consequences of these proposed changes.”

Stuart Paver, Chair of Pavers Shoes added:

“Life was simple before the budget. I received shares from my parents, I held onto them and helped grow the business, reinvesting in the long-term growth of the company and then handed it on. But now I must spend time and money looking at how I can avoid leaving a huge burden to the next generation and the outcome is very unlikely to match the Chancellor’s desire for a growing economy.”

Lizzy Rudd, Chair of Berry Bros & Rudd said:
“We are a 326 year old family business, the oldest fine wine and spirits merchant in the UK and one of the oldest businesses in the UK.

“Throughout our long history we have always reinvested in the business rather than giving profit to shareholders. We pride ourselves in being a business that cares about our colleagues, our communities and our planet, and we follow the B Corp principles, having just applied for certification. This means we invest for the long-term for the benefit of all our stakeholders and have a reputation and heritage that is well known across the world”.

“Having Business Property Relief and being able to pass our shares down to the next generation without incurring Inheritance Tax has meant that we didn’t need to accumulate wealth outside the business, allowing us to continue to invest, providing employment and bringing people together from all over the world to the heart of London to share food, wine and conversation together.

“Inheritance Tax will threaten the future of the business and force us to think short-term to maximise returns to shareholders in order to build wealth outside the business to pay a future tax liability”

ENDS.

About Family Business UK (FBUK)
Family Business UK is the largest organisation dedicated to advocating for, promoting, and championing family businesses. It is movement of some of the most innovative, and best-known family businesses across the country, including a number of household names and global companies.

FBUK works to showcase the role and contribution family businesses make to communities across the country, and our wider economy.

FBUK is a not-for-profit organisation.

About CBI Economics
CBI Economics is the economic consultancy division of the CBI. We offer a suite of independent client services including bespoke economic analysis and business surveys. With unrivalled policy knowledge and business insights combined with economic expertise, we can develop a compelling narrative to help you achieve your desired outcomes – whether that be lobbying policy change, building a case for investment or demonstrating the impacts of your business on the economy, on society and on the environment.

CBI Economics conducted a survey following the changes to Business Property Relief (BPR) announced at the Budget. This survey attracted 234 responses from family businesses. The survey first determined the businesses that would be affected by the changes to BPR between April 2026, when the changes come into force, and April 2030. Affected businesses are those over £1 million in value and who are anticipating a share transfer or change of ownership in the period specified.

Businesses were asked how they expected the changes to affect their investment plans, turnover and headcount.

Primary survey data was integrated with additional secondary data collected from official and third-party sources. These informed the inputs to CBI Economics’ in-house economic and fiscal models, which were used to estimate the total economic impacts in Gross Value Added and Full Time Equivalent jobs, along with net fiscal impacts to the Exchequer. Total economic impact was derived primarily using the anticipated reductions in turnover, with CBIE’s dynamic economic model capturing the further implications this would have for supply chains and employee spending.

FBUK Unveils “Ones To Watch 2024”

Posted on by Abbie-Louise

FBUK Unveils “Ones To Watch 2024”

Family Business UK has today kicked off Family Business Week 2024 by unveiling the winners of this year’s Ones To Watch.

Four individuals, spanning hospitality, farming, technology and the parking industry, make up this year’s winners with each demonstrating a personal commitment to going above and beyond.

Our 2024 Ones to watch are:

You can read about our individual Ones to Watch here

Neil Davy, CEO Family Business UK said: “Every year, our Ones to Watch winners raise the bar for excellence and commitment in the family business sector. This year, we were looking for individuals who really live and breathe the values of family businesses as the lifeblood of local communities and local economies.

“In every one of our winners, doing the right thing for people, the community and the environment both inside and outside their business is a both a personal motivation and the thing that puts family businesses ahead of the competition.

“I extend my personal congratulations to Caroline, Louis, Anton and Sarah and I hope you will join us in celebrating their achievement.”

Family Business Week is proudly sponsored, for the fourth consecutive year, by Natwest.

There is no growth agenda for Yorkshire without family businesses.

Posted on by Abbie-Louise

There is no growth agenda for Yorkshire without family businesses.

Thomas Martin, Chair Arco Ltd and the Yorkshire Regional Business Engagement Board

Right across Yorkshire, home-grown family businesses are wondering – what just happened? In 76 minutes, the Chancellor delivered a Budget that undermines hundreds of years of family business ownership in our region.

Yorkshire has a proud history of family businesses. The deep-seated values that we prize of hard work, responsibility, respect, community spirit run deep in businesses like mine, which has been trading in family ownership for 140 years.

Others like AW Hainsworth have been doing the same for 240 years, Bettys & Taylors 105 years, Howarth Timber 184 years. The list goes on.

But in the Budget the Chancellor put all this under threat by changing long-established policies that support us.

For the first time in almost 50 years, family businesses across Yorkshire will be subject to Inheritance Tax when the owner dies – something that is forcing many to wonder whether they will ever be able to pass on their business to their children. And whether their children will be able to afford to take them on?

Don’t get me wrong, I’m not arguing that family business owners shouldn’t pay their fair share of tax. We already do. Britain’s 4.8 million family businesses contribute more than £200 billion in tax every year – about a quarter of all taxes received by the Government.

But let’s be clear, for someone inheriting a family business, they are not taking on a prized Ming vase, family heirloom or nice house. It is the fabric of business. Family famers too are facing exactly the same threat. The tools of their business will also be taxed when they are passed to the next generation threatening food security and environmental management as assets are used to achieve maximum economic return.

The problem is that whilst Inheritance Tax is a tax on the individual, in the case of family businesses it becomes a direct cost to the company.

Take an average business valued at £8m, a family member inheriting it will now be expected to pay 20% tax on that (minus the first £1 million) to take it on when the owner dies. Not many people have that kind of money kicking around and so they will need to take a dividend from the company. That will be subject to additional tax rate of 39.5% meaning companies will be double taxed.

The cost will ultimately be paid through reduced investment, less growth, fewer jobs and more redundancies as companies divert money to cover a future tax liability. In worst case scenarios, neither the business or family member can pay the Inheritance Tax and will be forced to sell the business, or parts of it.

When you add on the massively increased burdens this Government is placing on business through increased employers National Insurance contributions, new employment legislation and minimum wage, the changes to Inheritance Tax are draining what little confidence we had left.

Business needs confidence. It imbues a sense of certainty that underpins the very nature of private enterprise, allowing companies of all sizes to take risks and invest in both their communities and people to generate long-term prosperity.

Home-grown family businesses do that better than most. We aren’t ‘here today gone tomorrow’ fly-by-nights. We take pride in what we do. It is our name above the door and we work hard to protect that whilst respecting our employees and the communities we serve.

The sheer bloody mindedness of Yorkshire folk has done them proud for generations. The fact there are so many long-established family businesses here in Yorkshire is testament to that. We are a proud county with a rich history.

But in a 76 minute Budget speech the Chancellor has unwound hundreds of years of patient planning and investment that will likely result in lower taxes, lower growth and lower employment.

I cannot believe this is what the Chancellor had in mind when she announced the closing of what she and others have called a “loophole.” As the Chairman of a long-established family business, and a director of Family Business UK, I am calling on the Government to consult with us to reverse this change and protect our proud heritage of family business.

END.

This article originally appeared in the Yorkshire Post on 14th November 2024.

Find out more about FBUK’s Back Family Businesses Campaign here.