Family Business United has written to the Chancellor of the Exchequer to voice the concern of the family business sector in light of the changes announced in the Autumn Budget following discussions with numerous members and consultation with other members of our community. Further letters were sent to other key figures including Kemi Badenoch MP, the leader of the Opposition.
As Paul Andrews, Founder and CEO of Family Business United explains, "As the CEO of Family Business United, an organisation that champions and celebrates the significant contribution of family firms across the UK, I had no choice but to write to express my utmost concern for the recent announcements in the Budget which are already having significant consequences for British family firms."
"These changes are a once in a generation change in direction for the family business sector and have serious consequences for many, at a time when many are having to deal with plenty of other challenges too."
"We have already heard from businesses that have had significant increases in their National Insurance Contributions, are dealing with increased business rates and changes to the National Minimum Wage and now have to potentially fund large IHT liabilities as a result of changes to BPR and APR. These businesses are reducing their expenditure, cutting back on CAPEX projects and scaling back investments, as well as reviewing their approach to bonuses and pay rises this year. The effects will be reduced investment and less growth and will have a detrimental impact on the economy," concludes Paul.
Read the letter sent to Rachel Reeves here:
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