Month: July 2024

FBUK Launches Back Family Businesses Campaign

Posted on by Alan Fitzwater

FBUK Launches Back Family Businesses Campaign

Family Business UK has launched a new campaign called Back Family Businesses – calling on family business owners, politicians, policymakers, and the public to support family businesses.

The campaign is a calling card for supporters to back family businesses in communities across the country and win new advocates for the sector.

The campaign launched with a focus on Business Property Relief and Gift Holdover Relief – the single most important issues to the family businesses represented by FBUK.

For the first time, a new report Planning for the Long Term sets out a detailed case for retaining BPR and GHR as lifeline policies which, outside of the family business sector are often unknown or misunderstood.

The campaign calls on supporters of family businesses to download and share digital content created for the campaign, and to engage with MPs and policymakers.

Neil Davy, CEO Family Business UK said: “Our campaign is an opportunity for people everywhere – regardless of whether they’re part of the family business sector or not – to back family businesses and share the story of their importance to our economy and society.”

“A change of Government naturally brings uncertainty for family business owners. But, with the right policies in place, family businesses can be the key to unlocking the Government’s growth agenda.”

Labour’s return to government, in an historic election win was built on a manifesto for growth and jobs.

Steve Rigby, Co-CEO at Rigby Group and Director of FBUK added: “The Government’s growth agenda is music to the ears of entrepreneurs, innovators and risk-takers up and down the country.

“With the right policy support, family businesses are well placed to turbo charge growth in every part of the UK delivering the long-term investment and good jobs our country needs.”

In the run up to the General Election, the Family Business UK Manifesto called for a commitment to retain BPR and GHR. In the weeks since the election FBUK has been communicating the same message to MPs, Minister and their advisers.

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

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FBUK Comments on King’s Speech

Posted on by Megan Josland

FBUK Comments on King’s Speech

Family Business UK is delighted to see a Bill to reform the skill training announced as part of the King’s Speech, which marks the official opening of Parliament.

The Skills England Bill will see a partnership between government and business, education, training providers and trades unions, creating a new body to oversee skills training.

Reform of skills training is a central recommendation of the Family Business UK Manifesto, Taking the Long-Term View where we call for:

  • Replacing the Apprenticeship Levy with a Future Skills Fund
  • Allowing greater flexibility in how businesses use the fund for skills
  • Removing barriers on spending between home nations
  • Encourage up-skilling and career-long learning

Commenting on the King’s Speech, FBUK CEO Neil Davy said: “We are delighted that the Government has committed to reforming the Apprenticeship Levy through the new Skills England Bill.

“The key to unlocking the true potential of family businesses, and the economy as a whole, is to create a culture of continuous improvement and investment in the skills of young people. The current system just doesn’t work and, reform was one of our key asks of government.

“A new system must give family businesses greater flexibility on how they allocate funding to support apprentices, life-long learners and help people looking to re-enter the workforce. Family businesses employ almost 14 million across the UK, so we are well-placed to support and implement these changes.

“We look forward to working with the Government on the new Growth and Skills Levy, ensuring the necessary reforms can help drive growth across the family business sector and the whole economy.”

The King’s Speech, delivered as part of the State opening of Parliament, contained 40 Bills, 14 of which were wrapped up in a section on economic stability and growth. This included Bills on: Budget Responsibility, National Wealth Fund, Pension Schemes, Planning and Infrastructure, Employment Rights and Audit Reform and Corporate Governance.

A detailed analysis of the King’s Speech from our partners SECNewgate can be found here.

FBUK Writes to New Government

Posted on by Alan Fitzwater

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.

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FBUK Congratulates New Government

Posted on by Alan Fitzwater

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.

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FBUK Warns of Changes to Business Property Relief (BPR)

Posted on by Alan Fitzwater

FBUK Warns of Changes to Business Property Relief (BPR)

Family Business UK has responded to reports that Labour is considering changes to Business Property Relief, warning of the potential consequences of scrapping or amending BPR.

Speaking to The Mail about reported changes to the Inheritance Tax regime, FBUK Chair Sir James Wates said: “This puts hundreds of thousands of jobs at risk in a key part of the economy.

“The relief [BPR] allows companies to plan for the long-term. It raises the question of why someone would put themselves through running a business – as you live and breathe it if your name is above the door – if you face crippling tax bills.”

Reported changes 

The Mail, and other media outlets have reported in recent weeks that the Shadow Chancellor Rachel Reeves is under pressure from others in Labour to raise Capital Gains Tax (CGT) rates as part of an autumn Budget statement – should Labour form the next government.

These proposals also reportedly include changes to Inheritance Tax including making it more difficult to ‘gift’ money and assets.

Steve Rigby, FBUK Board Director and Co-CEO of Rigby Group added: “Whoever forms the next government must avoid policies with unintended consequences that put our businesses at risk. Family businesses are here for the long term.

“Up and down the country we support the communities and local economies in which we are rooted.

“Successive governments, for almost 50 years, have retained Business Relief, which forms part of the Inheritance Tax regime, knowing that it is key to unlocking the potential for investment, growth and jobs among family businesses.”

FBUK - Back Family Business SM Full square (Business Property relief)The importance of family businesses

Ninety percent of all private firms in the UK are family businesses. That’s 4.8 million companies employing millions of people and contributing more than £200 billion every year in taxes.

Our Manifesto sets out what FBUK wants to see from a new government. We would urge you to download it and share it with your local candidates in the General Election – and again with whoever becomes your local MP.

You can find information about all your local candidates, and how to contact them, at the Electoral Commission.

Back Family Business – Assets

FBUK has also produced a series of infographics to highlight the importance of the family business sector to the UK economy.

You are welcome to download these infographics to use on social media channels to help us spread the word about the importance of the family business sector.

We just ask that you tag us in any posts, so we can re-share, on LinkedIn and Twitter/X.