Family Business Welcomes Budget Boost to Business Investment

Today's Budget includes many of the measures which family businesses have been calling for as they seek to invest, grow and increase productivity.

Responding to today's Budget Mark Hastings, Director General of the Institute for Family Business, said:

"Family businesses wanted a Budget which would support them in their plans to invest, increase employment and grow - and there are many measures which will do that.

"Family businesses make up 70 per cent of UK manufacturing firms.  We are pleased the Chancellor has listened to our call to increase investment allowances, and that he is supporting a measure which will encourage further investment by business.

"Britain's family businesses provide nine million jobs, produce a quarter of UK GDP and pay over £80 billion in tax.  They are the backbone of the economy.  They recognise the Chancellor has limited room for manoeuvre and will welcome the moves he has made to back business, without taking unnecessary risks on deficit reduction, which increases the prospects for a sustainable recovery.  We hope that the business debate leading up to the next election will focus on supporting those businesses which focus on rebalancing the economy, long term growth and sustainable business practice - all areas where the family business sector excels."