Westminster spotlight
Ahead of the upcoming general election, representatives of the two main political parties share their perspectives the importance of family businesses to the UK economy, and their plans to support future growth and investment in the sector. Please note: these contributions were requested and written before the announcement of a General Election.
Kevin Hollinrake MP , Minister of State for Enterprise, Markets and Small Business
Rushanara Ali MP , Shadow Minister for Investment and Small Business
In the UK, 4.8 million businesses are family run businesses. Whether it be manufacturing, hospitality or retail, there are trusted and valued family business owners in all of our celebrated UK industries. Our local communities depend on the contributions these businesses make and as the Minister for Small Business I am passionate about supporting the ambitions of these inspiring entrepreneurial families. We’re making sure that the concerns of family run businesses are being heard through the new Small Business Council, giving them a voice in the heart of government. The needs and skills of SMEs are often quite different to bigger businesses, and within this group family businesses offer unique perspectives. Family Business UK sit on this Council and do an incredible job representing family businesses from across the UK. The momentum this group is already building is impressive and together we’re working to strengthen what government can do. Access to finance is a key issue, and the council is working with government to explore the future of Open Finance and how it can make lending to SMEs even more competitive, opening up crucial avenues of financing. We’re exploring ways that our regional network of International Trade Advisors can better support businesses to export their world class goods and services to new markets. And we’ve launched the Help to Grow website, a one stop shop for every source of support across government, making finding the help you need easier than ever before. Working together with passionate advocates like Family Business UK, I am confident that we can make the UK the best place in the world for a family business to thrive.
Family businesses are a vital part of the UK economy. They employ close to 14 million people, contribute over a quarter of the Government’s tax receipts, and add over half a trillion to GDP. But statistics can only go so far in showing family businesses’ importance to local communities and our day-to-day lives. From producing our food and building and repairing our houses to managing our finances, family businesses are integral to our way of life. But too often they do not receive the recognition they deserve. Labour is the Party of business, committed to supporting businesses of all sizes. Family businesses will play a vital role in our national missions, including revitalising the high street, getting Britain building again and achieving the fastest sustained growth in the G7. Labour is under no illusions about the economic situation we would inherit were we to be elected to govern. We understand businesses have been hit hard by the pandemic, spiralling energy costs, chaos at the top of government, out-of-control inflation, and a stagnant economy. That is why we have developed a credible plan for small business, ensuring they are hardwired into everything we do. We have pledged to reform business rates and the apprenticeship levy, legislate to tackle the scourge of late payments and ensure businesses have the access to finance they need to scale-up successfully. It is clear from my regular conversations with businesses of all sizes, there is a desperate need for consistency, clarity and a clear vision for the economy.
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