Tag: Labour government

FAMILY first approach in new FBUK policy agenda

Posted on by Martin Greig

FBUK has published a new policy agenda for family businesses. Coming ahead of local elections around the UK and ongoing geopolitical uncertainty, Building Britain for Generations highlights key areas for policymakers, prioritising stability, long-term growth, investment and stewardship – all traits of family businesses.

The policy agenda calls for government, politicians and all policymakers to adopt a ‘FAMILY first’ approach that encompasses:

  • Fair taxation system
  • Accessing finance and business support
  • Mid-sized family business focus
  • Investing in local communities
  • Lowering the cost of doing business
  • Younger generation focus
FBUK Policy Agenda - Building Britain for Generations

The policy agenda, which was launched at an event in London, proposes a comprehensive set of recommendations that place the UK’s five million family businesses, and the benefits of family ownership, at the heart of efforts to grow the economy and tackle critical issues including youth unemployment.

Policy asks include:

  • Appointing a family business czar in every devolved nation and region to support long-term investment in communities and support greater fiscal devolution,
  • Targeted measures to tackle youth unemployment including an exemption from employer NICs for all family businesses offering Level 4 and above apprenticeships in AI, leadership and management,
  • A clear ‘tax roadmap’ – that gives family businesses confidence about the direction of travel, removes the fear of sudden, damaging surprises and enables long-term investments,
  • Full reinstatement of 100% Inheritance Tax reliefs (BPR and APR) for family firms, with no thresholds,
  • A simplified procurement system that places greater weight on long-term investment and delivery, regional investment and social cohesion.

The new policy agenda also calls on government to adopt a new definition of medium-sized businesses to support the forgotten engine of the UK economy. This should be companies with revenues between £10million-£100million and between 50-499 employees (mid-size is currently defined as fewer than 250 employees and less than £54million revenue).

FBUK research shows there are 10,000 mid-sized family businesses in the UK which employ 1.5 million people and create £140 billion economic output. But these established businesses remain largely invisible to policymakers and are held back by a policy environment designed for either small or large companies.

Neil Davy, CEO Family Business UK said:

“Family businesses are established pillars of Britain’s towns and cities in a way that global brands can never be – they have built a brand, reputation and workforce there, and often it’s the family name above the door.

“Yet the current policy system often favours foreign investment over established, British family businesses with the lure of lucrative tax breaks and other incentives not available to family firms. That has to change if the UK is serious about a robust domestic economy that delivers sustainable, long-term growth.”

The new family business policy agenda, which is launched on the eve of the most significant change to the taxation of British family businesses in 50 years (BPR and APR), also highlights the ongoing impact of the change to inheritance tax reliefs on family businesses:

  • The majority of family businesses (57%) say they will still be materially affected by IHT (despite changes announced by government on 23 Dec),
  • Just 1 in 10 family businesses believe they will escape the tax entirely,
  • Just 74% of family businesses are confident they can remain family-owned in 10 years’ time (down from 91% in the next 3 years) with increasing concerns that the burden of IHT will force businesses to sell up or sell assets – often to foreign-owned corporations – creating further instability for the domestic economy.

But FBUK’s research also shows the positive impact that fully reinstating BPR and APR could have, with almost half (48%) of Britain’s large family businesses saying they would reverse hiring decisions and actively recruit more staff.

Neil Davy continues:

“Recent, sudden policy shifts have forced Britain’s family businesses to pause and recalculate long-terms plans for the future. Some have reduced jobs, other have cut investment and, for the first time, some are asking whether keeping the business in the family is still viable.

“This is a consequence of a choice made by the Government-whether it intended to or not. This policy agenda sets out how it can make a different one. The asks are not complicated, nor are they concessions to a special interest. They are simply the conditions under which a critical part of the British economy will be allowed to thrive.”

Majority of family businesses still hit by IHT change

Posted on by Martin Greig

Majority of family businesses still affected by new rules on inheritance tax despite changes to the policy

Investment and jobs continue to be cut in response to the new tax

Only 74% of firms confident they will remain family-owned in 10 years

The majority (57%) of family businesses say they will still be affected by changes to inheritance tax according to a new survey commissioned by Family Business UK. The findings, which come one month before the policy change takes effect, show that just one in ten family business owners believe they will not be affected at all by the changes to inheritance tax.

The study, which polled 559 owners and senior decision makers in family businesses located across the UK, in all sectors of the economy, shows that changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) will still have a material impact on Britain’s family-owned businesses.

More than half of family businesses (55%) taking part in the survey, with 10-49 employees, say they will continue to be affected by inheritance tax. That proportion increases to almost two-thirds (64%) for businesses with 100-249 employees. Businesses in manufacturing (64%); the IT and telecoms sector (54%); and the retail, catering and leisure sector (52%) will be most affected.

Amendments to BPR and APR were announced just before Christmas increasing the level at which family businesses must start paying inheritance tax from £1 million to £2.5 million. Married couples will also be able to transfer unused allowances effectively allowing them a total of £5 million. Two fifths of family businesses taking part in the latest FBUK survey (42%) describe these amendments as positive but almost one in three (31%) say it will have no impact on them.

FBUK is calling on government to act urgently on the following:

  1. pause the introduction of the policy to allow for a full, independent review of the policy, and publish a full impact assessment leading to,
  2. full reversal of the policy – reinstating 100% Business Property and Agricultural Property Relief, with no upper thresholds, to support the family business sector and unlock investment in jobs, skills and economic growth.

Neil Davy, CEO FBUK said:

“Next month, for the first time in a generation, family business owners will have to pay inheritance tax based on the value of their business and business assets. Since the change was first announced in October 2024, we have seen significant numbers of family businesses cut investment and jobs. Many owners have also told me that they are openly questioning the long-term future of their business. For a government committed to growing the economy this can’t be the outcome it envisaged.

“At a time when the UK desperately needs the economy to grow, this is the wrong policy at the wrong time. We are ready to work constructively with government to achieve a positive outcome that prevents further investment and jobs being lost.”

Matthew Ayres, 4th generation Managing Director of Bennie Group said:

“The new inheritance tax rules force family businesses like ours to gamble on the future. Instead of focusing our energy on innovation, growth and serving our customers, we are being pushed into a defensive position. A position where we spend time and resources on complex tax planning that many other types of businesses never have to consider. It is an unnecessary distraction that pulls leadership attention away from investing, hiring and building for tomorrow.

“Family businesses succeed when we look outward; at markets, opportunities, and long‑term value creation. This policy turns us inward, encouraging risk‑averse behaviour and short‑term protectionism. It is completely out of line with the UK’s need for a clear economic growth strategy. If government wants businesses to invest with confidence, it cannot keep introducing policies that create uncertainty, drive up costs, increase risk, and divert efforts away from productivity and innovation.”

According to the latest research from FBUK, more than 70% of family businesses taking part in the survey have already taken steps to mitigate the impact of changes to inheritance tax. Of those taking steps:

  • 27% said they have paused or cancelled investment,
  • 23% have reduced headcount or paused recruitment,
  • 20% have intentionally held back the growth of the business,
  • 21% have cut or reduced charitable donations.

(respondents were asked to select all options that apply)

The majority of family businesses (77%) say they also plan to take further steps over the next three years. Of those planning to take further action:

  • 26% plan to take out insurance to cover the cost of inheritance tax,
  • 23% will further reduce headcount or pause recruitment,
  • 20% plan to reduce investment,
  • 10% said they plan to close the business and liquidate assets, and a further 10% plan to sell their business entirely.

According to the study just 74% of family businesses surveyed say they are confident they will remain family owned in ten years’ time, down from 91% in the next three years. Owners cite various reasons for their drop in confidence but highlight increasing costs and regulation, a weak economic outlook and, given the changes to inheritance tax, difficulty in finding family members willing to take on the business.

Lizzy Rudd, Chair of Berry Bros. & Rudd, Britain’s oldest fine wine and spirits merchant said;

“As a 327-year-old family business, we have always strived to be stewards for future generations. As a B Corp we also place great value on employing people, considering the wider community and the environment in all that we do. How are we expected to continue to build value for the long term when our children will one day have to pay inheritance tax on this value – a value which is on paper and not in our pockets unless business assets or the business itself is sold?

“Changes to inheritance tax are a very real threat to the future success of the business. In addition to the higher costs of operating right now, these changes are an additional burden for family businesses at the very time the Government should be encouraging us to invest. This tax will drive behaviour that I don’t believe the Government really want, neither does it really understand the principles on which we operate.”

James Reed, Chairman and Chief executive of recruitment giant Reed, one of Britain’s biggest family businesses, said:

“Family businesses are the backbone of our economy and generally excellent employers, so there is a good reason that for decades it has been possible to pass them safely from generation to generation.

“The changes to the way they are taxed coming into effect in April put all that at risk. Great British companies will be broken up and sold off to foreign owners and private equity.

“Ultimately, this isn’t good business because we know that once job losses and reduced economic activity are taken into account, this change will actually mean the exchequer collecting less money overall.

“My concern is that this will end up being a lose-lose for everyone, which is why Labour Chancellor Denis Healey introduced business property relief in the first place.”

Research was conducted for FBUK by Censuswide, among a sample of 559 owners and senior decision makers in family businesses. The data was collected between 16th January 2026 and 2nd February 2026. Censuswide is a member of the Market Research Society (MRS) and the British Polling Council (BPC), and a signatory of the Global Data Quality Pledge. Censuswide adheres to the MRS Code of Conduct and ESOMAR principles.

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.

Westminister debates family businesses and BPR

Posted on by Abbie-Louise

Westminister debates family businesses and BPR

Family businesses have taken centre stage in Parliament ahead of the Budget, with MPs debating Business Property Relief (BPR) and its essential role supporting family-owned firms across the country.

A Westminster Hall debate led by Harriet Cross, Conservative MP for Gordon and Buchan heard from MPs about how BPR and APR (Agricultural Property Relief) is being used to support businesses and family-owned farms in their constituencies.

The debate, which took place less than two weeks ahead of the Labour’s first budget, gave MPs a chance to raise their serious concerns with Government.

Opening the debate, Harriet Cross MP underlined the important role played by BPR and APR incentivising family businesses up and down the country.

 

Will Forster, Liberal Democrat MP for Woking, told Members about the importance of family businesses to local economies like Woking.

 

Nigel Huddlestone, the Shadow Financial Secretary, said the Government must hear the concerns and fears MPs had expressed on behalf of their constituents about potential changes to inheritance tax relief, including BPR.

Huddleston reminded the House that prior to the election, family businesses believed they had received assurances on BPR from the Labour party and called for those assurances to be reiterated.

Responding for the Government, James Murry, the Exchequer Secretary to the Treasury acknowledge that many Members had raised their uncertainties ahead of the budget, including on BPR.

He acknowledged the ongoing debate and the work of Family Business UK in calling for BPR to be retained.

The Budget will take place on 30 October.

You will be able to read Family Business UK’s response after the Chancellor has delivered the Budget to Parliament.

You can read FBUK’s pre-budget submission here.

Visit our Back Family Businesses campaign page here.

FBUK warns of Threat to Family Businesses

Posted on by Abbie-Louise

FBUK warns of Threat to Family Businesses

Family Business UK (FBUK)  has warned how a vocal minority of commentators risk undermining Britain’s family businesses in the run up the Budget on 30 October.

In a letter to the editor of The Daily Telegraph, FBUK CEO Neil Davy, urges the Government to speak directly to family business owners to understand the importance of supportive policies and how businesses can deliver the Government’s growth agenda.

Below is the full text of the letter.

Ill-informed commentary puts jobs and growth at risk.

Sir, the Government was always going to face difficult choices on tax. But, it must be wary of making policy decisions that penalise businesses based on seemingly unfounded opinion (“Reeves told to charge capital gains tax after death.” 9 September).

Britain’s 4.8 million family-owned businesses are a case in point. Supported by policies that allow them to thrive across generations, they employ half the UKs private sector workforce and contribute more than a quarter of government tax receipts.

Family businesses are well placed to support the Government’s growth agenda. But a vocal minority would have the Government pull the rug from under them, risking a significant loss of jobs in every constituency across the country, lower tax receipts and threatens the future of otherwise successful businesses.

Contrary to the views of a minority of commentators, Business Relief, or Business Property Relief (BPR) is not a loophole that protects the wealthy. Nor is it a policy that benefits the privileged few. It is a policy that underpins the very model of family business ownership, and successful multi-generational businesses.

It has been retained by successive governments for 50 years for the simple reason they understood it gives family business owners the confidence to make long-term investments in their business and the communities they serve.

Many of Britain’s biggest and best-known brands are highly successful multi-generation family businesses. Those who run them have every right to be angry and alarmed by the IFS’ suggestion that future generations are not quite up to the task, or that the ultimate goal of all private businesses – including family businesses – is to sell and cash-in.

On behalf of all family businesses, I urge the Chancellor and her advisers to ignore these voices and speak directly to the owners of the family businesses whose future risks being threatened by ill-informed voices, about how they can – and want to – support delivery of the growth, jobs, and opportunity your government has promised.

Neil Davy
CEO, Family Business UK.

 

Labour’s ambitions for economic growth – rhetoric or reality?

Posted on by Abbie-Louise

Labour’s ambitions for economic growth – rhetoric or reality?

The UK’s family businesses range from some Britain’s largest, well-known household brands to the SMEs and local plumbers, electricians, builders, restaurant owners, shopkeepers and mechanics that keep Britain moving.

The 4.8 million family businesses in the UK are the backbone of our economy. They employ 13.9 million people and contribute over £200 billion through tax receipts every year.

These businesses have been around for generations; in many cases one or two generations, but in other cases a dozen generations or more. One of the reasons for the success and longevity of these firms is a long-standing piece of policy that successive governments have committed to retain for decades; Business Property Relief (BPR).

As a policy, BPR is not well known. You don’t hear about it for a simple reason – it works!

It allows the owners of the business to pass it on to the next generation without additional taxes, in the same way that other models of business ownership such as PLCs and private equity-backed businesses are also not subject to. It therefore ensures family businesses can compete on a level playing field.

BPR is also misunderstood. It’s often mistakenly seen as a tax loophole for wealthy individuals. In reality, if BPR were abolished, the additional tax would not be carried by individual owners. It would be a tax on the business.

To pay this tax bill, the business owners would likely need to hold back capital that would otherwise be used to recruit, train, and upskill staff, or money that would be invested in new products and services, or used to expand into new markets. In other cases, business owners would be forced to sell off parts of the business to raise the capital. Many would be forced to sell, or even close the business entirely, at the expense of jobs and livelihoods.

Every year, around 85,000 family businesses are passed to the next generation when the head of the family retires or passes away. If the owners of these businesses are not able to pass ownership on without an additional tax burden (which other businesses are not subject to), not only would the future of those firms and jobs be at risk, but their sale or closure would undermine economic growth in the UK and reduce the tax receipts into the Treasury.

Changing or removing BPR runs counter to fairness and common sense. That’s why successive governments for more than 50 years have supported and protected this legislation that is a lifeline to family businesses, who represent 90% of all private firms in the UK.

Family businesses are well placed to support the Government’s goal of providing stability, creating economic growth and social prosperity. But to be able to do that, the Government needs to commit to retaining Business Property Relief.

Family businesses in the UK need everyone’s backing. Lend your support at:https://project1-4204x58ma2.live-website.com/what-we-do/bpr-campaign/ 

FBUK Writes to New Government

Posted on by Abbie-Louise

FBUK Writes to New Government

Family Business UK has written to the newly appointed Chancellor of the Exchequer and Secretary of State for Business and Trade, to ensure the priorities of family-owned businesses are embraced within government.

In letters sent to Rachel Reeves and Jonathan Reynolds, FBUK has underlined the significance of family businesses to the UK economy and the importance of retaining Business Relief.

During the election campaign, reports surfaced that Labour could be considering changes to the Inheritance Tax regime and, specifically, Business Relief, which is a vital relief allowing family business owners to plan for the long-terms success of their business.

In the letters, FBUK urges Labour not to rush into making policy decisions that could have unintended consequences: “Scrapping business relief would be catastrophic for every one of the millions of family businesses in the UK, putting investment, jobs and growth at risk.

“The viability and prospects for the family business sector must not be compromised.” The letters go on to ask the new Government to “commit to fully consulting with family businesses, ahead of any changes, to avoid making policy decisions with unintended consequences.”

FBUK has enjoyed excellent working relationships with the previous government ensuring key issues affecting family businesses are considered and consulted on. FBUK has plans to engage with the new Government and has urged the new Chancellor and Business Secretary to embrace similar working relationships.

You can read our letters to Rachel Reeves and Jonathan Reynolds in full here.

For media enquiries please contact familybusinessuk@secnewgate.co.uk.

END.

FBUK Congratulates New Government

Posted on by Abbie-Louise

FBUK Congratulates New Government

Family Business UK would like to congratulate the new Government on its historic election win and extend an invitation to work in partnership to create an environment in which family businesses can prosper.

Following the Labour party’s landslide victory, Neil Davy, CEO of Family Business UK said: “Having campaigned on a platform for growth, we are looking forward to working with Labour in government, on behalf of family businesses across the UK, to ensure the specific needs of family businesses do not get overlooked.

“90% of private sector firms in the UK are family-owned businesses, making up a significant portion of the UK economy.

Family businesses need policies that create stability, and which give them confidence to plan for the long-term, invest in their people, the communities in which they are rooted, and ensure their business can confidently be passed to the next generation.

“How the new Government achieves that and delivers growth for the economy has been the subject of much speculation. But, given the importance of family businesses to the economy it’s clear that if family businesses are allowed to thrive, the economy thrives.

“On behalf of all family businesses across the country, I extend my congratulations to Labour on returning to government and pledge to work with the new Chancellor and Business Secretary to ensure family businesses flourish for generations to come.”

For press/media enquiries please contact familybusinessuk@secnewgate.co.uk.

END.