Prime Minister Boris Johnson yesterday applauded the crucial role that family businesses have to play in the economic recovery from COVID-19, and beyond.
Hosting an exclusive roundtable for family businesses, representing a variety of sectors, the Prime Minister and Business Secretary Kwasi Kwarteng heard how family businesses have been responding to the pandemic, and the essential part they have in supporting their local communities.
The roundtable also focused on the importance of sustainability as a core value of family businesses and how the sector can contribute to the government’s Net Zero ambitions, with COP26 just around the corner.
In attendance was IFB Chairman Andrew Osborne, who said:
“We welcome the Prime Minister’s recognition of the immense contribution that family businesses make to the UK economy, and the local communities in which they are so deeply rooted.
“In its 20th year, the Institute for Family Business will be championing family businesses and their vital role in building back better from the damaging effects of COVID-19 and leading the way on the journey to Net Zero. We were delighted to make this case directly to the Prime Minister.
“We look forward to working with government to deliver a more sustainable world for future generations. “
The latest Institute for Family Business Research Foundation Sector Report highlighted that there are over five million family businesses across the UK, employing over 14 million people. Family businesses have been severely impacted by the pandemic, with the report finding that family firms’ outputs declined by up to 30 per cent, with businesses in the entertainment, hospitality, and food services sectors facing the most significant challenges.