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.


FBUK Congratulates New Government

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.