Spring Budget A Mixed Bag For Family Businesses
8th March 2017
Speaking immediately after the Chancellor’s Budget statement IFB Executive Director Elizabeth Bagger said: “What family businesses needed from the Chancellor today was a Budget which provided stability, clarity and the confidence to make investments which will deliver growth for the long term.
“The Chancellor’s focus on addressing the skills gap will be welcomed by family businesses, who repeatedly report challenges around getting the skilled people they need to grow their business.
“But business owners – particularly small and micro businesses - will be disappointed to hear the Chancellor’s decision to more than half the Dividend Tax-Free Allowance and will have concerns about the impact of this on growth, particularly after the recent large increases in the Dividend Tax rates. This added expense risks destabilising long term shareholding in family owned firms, and all the benefits that brings to the UK.”
“Family businesses are at the heart of communities across the UK. They make an incredible economic contribution, employing over 12 million people and generating a quarter of GDP. Measures which support family business success will benefit the whole of the UK”.
To find out more about IFB's advocacy work, contact Fiona Graham at email@example.com