I had the pleasure of attending the recent Family Business UK Annual Conference, proudly sponsored by Boyden alongside NatWest.
FBUK members are a fantastic example of the type of family-owned and owner-managed businesses we at Boyden work with and we believe it is where we bring real strength and value. We’ve supported many such businesses over the years and it remains a core focus for us.
This year’s conference felt like the start of a movement, a direct response to the increasingly difficult environment being created by UK government policy toward family businesses. One panelist described it as the most hostile climate in his lifetime for running a family business, with reforms that risk damaging a crucial part of the UK economy.
Changes to Agricultural Property Relief (APR), Business Property Relief (BPR), and the proposed Day 1 Bill of Rights for employees are deeply concerning. These, alongside recent National Insurance increases, are forcing business owners to rethink investment and succession plans.
Shadow Secretary of State for Business and Trade, Andrew Griffith gave an energetic, and unusually for a politician, candid talk. He stated that a future Conservative government would reverse APR, BPR and VAT on school fees, arguing these policies are fiscally harmful. While it’s easy to make such commitments out of government, his directness was appreciated.
MP for St Albans and Liberal Democrat Deputy Leader and Treasury Spokesperson Daisy Cooper also attended in person and struck the right tone, although she stopped short of firm commitments. Still, her presence was welcome and valued by the room.
Minister for Services, Small Business and Exports at Department for Business and Trade, Gareth Thomas, was unable to attend and sent a video message instead. I think you had to be there to understand how this landed. It was not good, particularly at a time of so many changes increasing the costs of doing business, many at the hands of our current government.
The key takeaway? We all, especially policymakers, must better understand the conditions that enable business owners to invest, grow and take risks.
I’d encourage you to read the recent report by the CBI, commissioned by FBUK and 31 other UK trade bodies, collectively representing 130,000 businesses. It’s an important call to action, we can all contact our local MPs and seek their stance on what we can do, what we can stop doing and what we can reverse, in order for UK businesses to thrive.
