Welcome from FBUK CEO
Given the events in Westminster since we published our first edition of the FBUK magazine in June, it won’t be surprising that our second edition focusses heavily on the new Government’s plans, and crucially the announcements made by The Chancellor on October 30th when she presented Labour’s first budget after 14 years in opposition. This was our new Government’s chance to lay out its ambitions for the term of this Parliament. Given the political turbulence over the past few years, few expected anything but a landslide victory for Labour. And they got it. Elected on the back of a campaign promising change and growth, and a pro-business stance, this was arguably one of the most eagerly anticipated and most closely watched budget statements a Chancellor has delivered in years. Labour promised change. And they are delivering that. But growth? The backlash from businesses about the raft of tax increases, and the cumulative effect on the cost of doing business have severely dented business confidence. Few businesses feel well positioned or incentivised to invest; in fact, many are adjusting their own business budgets and forecasts for the opposite. I’ve been in the room when Ministers have repeatedly heard that message from business leaders, including from FBUK. For family businesses, the budget poses a more existential threat. Independent research we commissioned from CBI Economics modelled the economic impact of removing BPR on family businesses. It makes for sobering reading. You’ll see that in this edition. FBUK has been campaigning hard for a reversal of the Chancellor’s decision to cap BPR and APR, and we continue to press for a formal consultation on the proposals. I said to the FBUK executive team before the election that any changes to BPR would be the making or breaking of us, and many family-owned enterprises. Despite the widespread concern shared by family businesses over the past few months, I remain optimistic. I’m optimistic because the support we have received in response to our ‘Back Family Businesses’ campaign has been genuinely overwhelming. On behalf of the team, I want to say Thank You to everyone who has backed us and supported us, and continues to do so.
I’m optimistic because family businesses are legendary for taking a long-term view towards people, businesses, and the communities where they operate. The resilience shown by family businesses over generations is not to be overlooked or underestimated by anyone. I’m also optimistic because developments in Westminster over the last few weeks and months have proved a lightening-rod for FBUK Members to mobilise. That momentum is something we are working hard to build on. FBUK is working to create a movement of family businesses who want to create a more prosperous and sustainable future for generations to come. We are here for all family businesses of any size, any sector and any generation. Our message to every family business is simple; if there is anything you need, call us.
Neil Davy CEO, Family Business UK
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