Championing Family Business: Daisy Cooper MP and the Liberal Democrats at the Family Business UK Conference

Labour’s ideologically driven dismantling of Business Property Relief (BPR) featured prominently on the Family Business UK Conference agenda. With the Labour Party stonewalling Family Business UK (FBUK), we were joined in person by Conservative Shadow Business Secretary Andrew Griffith MP and Daisy Cooper MP from the Liberal Democrats.

Addressing 300 family business leaders at the annual conference in Manchester, Andrew Griffith pledged that the changes to inheritance tax for family firms would be reversed in the first budget of a Conservative government. The alterations to BPR and APR present a significant challenge to family businesses, with research clearly demonstrating the negative economic impact of this policy shift. It is encouraging to see senior political leaders beginning to grasp just how damaging these changes will be. At Boyden, we are witnessing firsthand the fear and turmoil caused by these changes, as many family businesses scramble for information and advice on effective succession planning.

I had the privilege of meeting Daisy Cooper MP, Deputy Leader of the Liberal Democrats, where we discussed the challenges and opportunities facing family-owned and family-run businesses across the UK. The conversation was both timely and vital, as family businesses continue to form the backbone of the British economy, employing millions and contributing significantly to local communities.

The Unique Challenges Facing Family Businesses

Family businesses are unique in their structure and ethos, often blending commercial ambition with a deep sense of stewardship and legacy. However, they face a distinct set of challenges, particularly around succession planning, access to capital and navigating complex tax regimes.

One of the most pressing concerns raised at the conference was the future of Business Property Relief (BPR). For example, Deloitte and Clarion Solicitors illustrated that a £20 million business valuation upon death could result in inheritance tax rising from approximately £700,000 to £4.2 million - payable by the next generation within six months of death, almost certainly forcing the sale of the business outside the family.

BPR is a crucial element of the UK’s inheritance tax system, allowing family businesses to be passed down through generations without prohibitive tax liabilities. Many business owners fear that any dilution or removal of BPR would force families to sell their businesses simply to meet tax obligations, undermining long-term investment, local employment and the very fabric of family enterprise.

Daisy Cooper MP: Listening and Advocating for Family Firms

During our discussion, Daisy Cooper acknowledged the vital role family businesses play in the UK economy. She emphasised the importance of stability and certainty in tax policy, particularly regarding BPR. Daisy made it clear that the Liberal Democrats recognise the value of family businesses - not only as economic contributors but as pillars of local communities and champions of responsible business practices.

She highlighted that, while tax fairness remains a core Liberal Democrat principle, any changes to BPR must be carefully considered so as not to jeopardise families’ ability to pass on their businesses. She stressed the need for ongoing dialogue with the family business sector to ensure policy decisions are informed by real-world impact - not just fiscal calculations.

The Liberal Democrat Approach to Supporting Family Businesses

The Liberal Democrats have consistently advocated for a business environment that encourages entrepreneurship, investment and sustainable growth. Daisy Cooper reaffirmed the party’s commitment to supporting family businesses through:

• Protecting BPR: Ensuring any review of inheritance tax or business property relief is undertaken with full consultation and a clear understanding of the consequences for family firms.

• Access to Finance: Supporting measures that improve access to finance for family businesses, particularly those investing in growth or transitioning to the next generation.

• Skills and Succession: Promoting policies to help family businesses develop the skills they need for succession planning and long-term sustainability.

• Championing Local Economies: Recognising the unique contribution of family businesses to local economies and ensuring they are represented in policy discussions at every level.

Looking Ahead

Family Business UK made it clear that family firms are not asking for special treatment, but for fair and stable policies that recognise their unique challenges. Daisy Cooper MP’s engagement with the sector, alongside the Liberal Democrats’ commitment to constructive dialogue, offers hope that the voices of family businesses will continue to be heard in Westminster.

As the debate around BPR and inheritance tax continues, it is essential that policymakers remember the human stories behind the statistics - and, more importantly, that the data informing decisions undergo rigorous consultation with the families, employees, and communities whose futures depend on the survival and success of family businesses.

Photographer: Steve Rosam
From left to right: Nick Robeson - Boyden, Daisy Cooper MP, Neil Davy - Family Business UK