Labour’s concessions won’t solve the fundamental problem for family businesses

Labour s Budget had some good measures for family businesses, but they are yet to solve the fundamental issue, writes Neil Davy How did family businesses do in the Budget? Last week s was in many respects a constructive Budget for family businesses, which make up 93 per cent of firms in the UK, employ 15.8m people and contribute £422bn in taxes annually. There was much to welcome – particularly new support for entrepreneurs – and it was encouraging to hear from the Chancellor that he wants to work to protect family businesses. For too long, policymakers have taken our sector for granted and failed to recognise the vital role it plays in the economy. However, it is too early to get carried away. The focus now must be on turning these green shoots into stronger investment, employment and growth across the country. In particular, we would have liked the Budget to go further by fully restoring business property relief following the damaging changes made by former Chancell