Recent research has revealed that in the UK, Family businesses account for 65% of private sector companies and an amazing one in three jobs.
The report from the Institute of Family Business (IFB) says that Family run businesses also account for 30% of the UK GDP.
There are a staggering 3 million family run businesses in the UK out of 4.6 million registered private operations, most are SME’s or sole traders. These businesses employ around 9.5 million people, a third of the working population.
IFB director General Grant Gordon says that the report findings show that the Family run business is the backbone of the UK economy and that the government and policy makers should recognise the vital role that these businesses play. He adds that he will be looking to work closely with the government to “bolster further, the family business sector for the benefit of all.”
He urges the government to support this sector in areas such as taxation and succession planning.
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