Chancellor’s Budget Provides Some Certainty for Family Firms
3rd March 2021
Responding to this afternoon's Budget Fiona Graham, the Institute for Family Business Director of External Affairs and Policy said:
“The months ahead will continue to be challenging for family businesses. But today’s Budget includes good news about the short-term support available, and does give some certainty for family businesses to be able to plan and invest in their futures.
“The Chancellor was right not to make wide ranging tax changes which would hamper our economic recovery. When we wrote to the Chancellor ahead of the Budget we called for both certainty around taxation and the use of investment incentives to support recovery and growth. We’re glad to see this Chancellor reflect this in his decision to delay the introduction of the increase in Corporation Tax, while also introducing the Super Deduction for business investment.
“Mid-sized businesses will be a key component in our recovery and future growth. There are over 17,000 mid-sized family businesses in the UK. While we welcome support for SMEs today, the Government must prioritise developing a mid-sized business strategy to better harness the opportunities of these important drivers of regional growth.
“Family businesses are the backbone of the UK economy. They have shown not only their resilience this year, but also their incredible commitment to their employees and their local communities. This is an important moment for businesses and policymakers to come together to repair the economic damage caused by the crisis, and look to build a robust and growing economy that delivers benefits across the whole of the UK for years to come.
“The road to recovery will be long, but the family business sector is well placed to play a central role, and is ready to do so.”