FBUK Writes to New Government

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.